Paul Johnson, director of the Institute for Fiscal Studies, said it was “quite doubtful” Labour would be able to raise £80 billion from tax rises on big businesses and rich individuals.

About half the proposed £83 billion tax rise to pay for investment in public services is set to come from a hike in corporation tax.

“Increasing corporation tax by £35-40 billion would take us from around the middle of the international corporate tax rate to right towards the very top,” Mr Johnson told Sky News.

“Whether you can get this amount of money, either from businesses or from rich individuals, or from the other changes they’ve got, I think is quite doubtful.”

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