Labour government would save families nearly £7,000 a year, claims John McDonnell
A Labour government would save the average family nearly £7,000, according to John McDonnell.
The Shadow Chancellor will tell an election rally that his party's policies would dramatically slash the cost of living for most households.
He will claim that by contrast, nine years of Conservative government have hit ordinary people in the pocket to the tune of nearly £6,000 through rising bills.
A Labour dossier claims that its policy of renationalising the water industry would save families £113 on average, while bringing energy firms into public ownership would save a further £559.
The party's plan to nationalise BT Openreach to provide free broadband would save a further £364, while expanding free childcare, cutting rail ticket prices, introducing free prescriptions and free school meals would save around £5,500 in total.
In a speech in Birmingham, Mr McDonnell will say: "As Chancellor I want to ensure Government has sound finances, but I want more than that. I want every family, every household in Britain to have sound finances.
"That means putting a stop to rip-off Britain and making real change so that people are not powerless in the face of profiteering monopolies, bad bosses at work and cast aside by a government that just stands by.
"Judge me on the public finances, but judge me too on the money in your pocket. You deserve better, and you will be better off under Labour. Where the Tories have failed, a Labour government will be on your side."
But Rishi Sunak, the Chief Secretary to the Treasury, said: "It defies belief that Corbyn’s Labour are claiming they would reduce living costs at the same time as standing on a manifesto containing tax rises which would hit ordinary hardworking people across the country.
“Their spending plans would cost everyone £2,400 every year, that's equivalent to a month's pay for most people.
"In contrast, we have pledged to cut taxes and will introduce record increases in the National Living Wage which will mean hard working people will get a well-deserved pay rise.
"Labour can’t be trusted with the economy and their reckless pledges will mean higher bills and more tax for everyone."