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How would Jeremy Corbyn pay for his spending pledges?

The Labour leader says £500bn of new spending would be funded by "expanding the economy and driving down tax evasion". 

Jeremy Corbyn resembled a socialist Father Christmas at his speech this morning, promising a £500bn investment fund, a million new homes (including half a million council houses), universal childcare, the renationalisation of the railways and more publicly-controlled bus services. But when asked how he would fund this largesse, the Labour leader was strikingly vague. "You pay for it through an expanding economy and driving down tax evasion," he said. He added that "we are not proposing cuts in top rate of taxation or corporate rates of taxation". But short of running up the largest deficit in history, Corbyn's plan would necessitate significant tax rises.

Yet while vowing to "reconfigure our tax system to create a more equal society", Corbyn had remarkably little to say on the subject. He did not match Owen Smith's pledge of a wealth tax on the top 1 per cent or his promise to restore the 50p tax rate. Nor did he repeat his past promise of "people's quantitative easing" (even as economists rush to endorse the idea). The only revenue-raising measures he announced were tightening corporation tax reliefs (saving £10bn) and restoring headline rates to the levels in George Osborne's first term. Corbyn rightly argues that increased investment would raise growth but that alone would not fund his cornucopia of promises. Smith, who published costings for his 20 pledges, will aim to capitalise on Corbyn's vagueness in the first leadership hustings tonight. 

Corbyn's lack of detail is unlikely to do him much harm in the contest. Party members wield banners, not calculators. But should Corbyn lead Labour into the next general election, as he pledged to do today, he will need to offer a far better answer to pass the IFS test. 

George Eaton is political editor of the New Statesman.

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Rarely has it mattered so little if Manchester United won; rarely has it been so special they did

Team's Europa League victory offers chance for sorely needed celebration of a city's spirit.

Carlo Ancelotti, the Bayern Munich manager, memorably once said that football is “the most important of the least important things”, but he was only partly right. While it is absolutely the case that a bunch of people chasing around a field is insignificant, a bunch of people chasing around a field is not really what football is about.

At a football match can you set aside the strictures that govern real life and freely scream, shout and cuddle strangers. Football tracks life with such unfailing omnipresence, garnishing the mundane with regular doses of drama and suspense; football is amazing, and even when it isn’t there’s always the possibility that it’s about to be.

Football bestows primal paroxysms of intense, transcendent ecstasy, shared both with people who mean everything and people who mean nothing. Football carves out time for people it's important to see and delivers people it becomes important to see. Football is a structure with folklore, mythology, language and symbols; being part of football is being part of something big, special, and eternal. Football is the best thing in the world when things go well, and still the best thing in the world when they don’t. There is nothing remotely like it. Nothing.

Football is about community and identity, friends and family; football is about expression and abandon, laughter and song; football is about love and pride. Football is about all the beauty in the world.

And the world is a beautiful place, even though it doesn’t always seem that way – now especially. But in the horror of terror we’ve seen amazing kindness, uplifting unity and awesome dignity which is the absolute point of everything.

In Stockholm last night, 50,000 or so people gathered for a football match, trying to find a way of celebrating all of these things. Around town before the game the atmosphere was not as boisterous as usual, but in the ground the old conviction gradually returned. The PA played Bob Marley’s Three Little Birds, an Ajax staple with lyrics not entirely appropriate: there is plenty about which to worry, and for some every little thing is never going to be alright.

But somehow the sentiment felt right and the Mancunian contingent joined in with gusto, following it up with “We’ll never die,” – a song of defiance born from the ashes of the Munich air disaster and generally aired at the end of games, often when defeat is imminent. Last night it was needed from the outset, though this time its final line – “we’ll keep the red flag flying high, coz Man United will never die" – was not about a football team but a city, a spirit, and a way of life. 

Over the course of the night, every burst of song and even the minute's silence chorused with that theme: “Manchester, Manchester, Manchester”; “Manchester la la la”; “Oh Manchester is wonderful”. Sparse and simple words, layered and complex meanings.

The match itself was a curious affair. Rarely has it mattered so little whether or not United won; rarely has it been so special that they did. Manchester United do not represent or appeal to everyone in Manchester but they epitomise a similar brilliance to Manchester, brilliance which they take to the world. Brilliance like youthfulness, toughness, swagger and zest; brilliance which has been to the fore these last three days, despite it all.

Last night they drew upon their most prosaic aspects, outfighting and outrunning a willing but callow opponent to win the only trophy to have eluded them. They did not make things better, but they did bring happiness and positivity at a time when happiness and positivity needed to be brought; football is not “the most important of the least important things,” it is the least important of the most important things.

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