Labour will raise taxes on top 5% of earners, companies – McDonnell

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Britain’s opposition Labour Party will propose increasing income tax for the top 5% of earners to help fund increased public spending in its offer for next month’s snap election, the party’s finance spokesman said on Sunday.

“In terms of income tax, we’ve said very clearly the top 5% will pay a bit more, 95% of the earners will be protected,” John McDonnell told the BBC’s Andrew Marr. “We will restore some of the tax cuts that have been given away to the corporations, and we will use that for investment in schools and training.”

Reporting by Paul Sandle; Editing by Peter Graff  LONDON (Reuters)