Labour party defines the rich as anyone earning over £70000

Shadow Chancellor John Mc Donnell Delivers His Keynote Speech To Labour Party Conference

Shadow chancellor John McDonnell has suggested he wants to soak the "rich" earning more than £70,000 a year under a Jeremy Corbyn government.

The Labour leadership has publicly discussed nine other tax rises and a raft of spending priorities which run to £500billion.

When pressed Mr McDonnell defined the rich as people earning "above £70,000 to £80,000 a year".

Mr McDonnell said a fair taxation system would see "the corporations and the rich pay their way more".

She added: "The system at the moment is one whereby there is an elite who believe the rules don't apply to them, that taxes don't apply to them, that they don't need to be part of the system". "It's been glacial and we can see there are people who take the mickey, and it's not fair".

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"They have lost their income tax personal allowance, we have seen a 45p rate at £150,000 and very big reductions in income tax relief for pension contributions". When asked how he defines the rich, he offered a set figure.

He told BBC Radio 4's Today programme that Labour would scrap giveaways to the wealthy such as corporation tax cuts and would collect more in inheritance and capital gains taxes.

He also stressed that whoever wins the election on June 8 would face "loopholes" in the tax system which they would want to close including the loss in Treasury revenues due to the move to self-employment and the gig economy - as the self-employed pay less National Insurance. 'We have raised that we will use public procurement to secure pay ratios - a ratio in regards to the maximum that can be earned by directors and chief executives in relation to the average pay of their workers'. "And I understand that", she said.

'We are seeing inflation increasing, we are seeing wages stagnate and we are seeing people in heavy debt as a result of that'.

Labour's approach to Brexit talks would aim to secure "tariff-free access to the single market" and a managed and fair immigration system from the EU. "People should have that right we're not going to stand in the way of that", he said.

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