Jeremy Corbyn promises to end education spending cuts with Corporation Tax hike
Labour would end cuts to the education budget by ploughing £5.6bn into schools paid for by reversing Tory plans to cut Corporation Tax.
In a major election pledge, the Labour leader also vowed to spend more than £30bn cutting class sizes to below 30 for pupils in the first three years of primary school.
Labour would also bring back grants for university students as part of its 'National Education Service Proposals'.
Mr Corbyn said the real terms increase in education spending would end the "downward spiral" in standards.
The radical move comes amid concerns among many Conservative MPs over Theresa May’s plans to overhaul the school funding formula, and warnings that schools face a 6.5% real-terms cut by 2020.
Speaking at a campaign event in Leeds today Mr Corbyn will say: "People of all ages are being held back by a lack of funding for education, and this in turn is holding back the economy by depriving industry of the untapped talent of thousands of people.
“The Conservatives have spent seven years starving schools of funding, meaning headteachers are having to send begging letters to parents to ask for money.
“They have also cut support for students and forced colleges to increase fees. It’s created a downward spiral that is bad for the people being held back and bad for the economy.”
'NATIONAL EDUCATION SERVICE'
He will add: “Labour will do things differently. Our new National Education Service will transform our schools and education system to ensure a future for the many not the few.
“We will reverse the Conservatives’ tax giveaways to big business and put money back where it belongs, in our schools, our colleges and our communities.”
Shadow Education Secretary Angela Rayner said the election presented a “clear choice” between the Tories who had “broken their promises to parents and children” and Labour’s “real plan for education”.
The plans will be funded by restoring the corporation tax level back up to 26% by 2021, the party said, bringing in £20bn for the Treasury.
TORY FUNDING ROW
Meanwhile concerns have been raised among Tory MPs that a number of schools will lose out under the Prime Minister’s plans to overhaul the schools funding system.
Some 18 of the top 50 Tory-held marginal contain schools that would be affected under the plan - with Mrs May insisting the proposals are merely up for consultation and therefore could be changed.
According to the respected Institute for Fiscal Studies real-terms spending on school pupils were in line for a 6.5% cut by 2020, while further education will also feel the squeeze.
But the Conservatives insisted there was "record spending" in education.
David Gauke, Chief Secretary to the Treasury, said: "Jeremy Corbyn can’t deliver any of this – they’re just made up promises on the back of nonsensical spending plans. He’s spent this damaging tax rise on businesses on 12 different things and he’s already dropped numerous things he’s said he’d do before."