Jeremy Corbyn news: Labour leader attacked for ‘astonishing’ net worth | Politics | News

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During this week’s TUC conference, the Labour Party leader defiantly told delegates the party “will put the power in the hands of workers”. Jeremy Corbyn said: “For 40 years, the share of the cake going to workers has been getting smaller and smaller. It’s no coincidence that the same period has seen a sustained attack on the organisations that represent workers – trade unions.

One rule for himself, another for everyone else. He condemns everyone who earns a high income other than himself

Matthew Lesh

“We have witnessed a deliberate, decades-long transfer of power away from working people.”

But despite his vow to improve the rights of working Britons, Mr Corbyn’s own net worth stands at an astonishing £3million, according to Spears magazine.

Matthew Lesh, Head of Research at the Adam Smith Institute think tank, raged the Labour leader is “clearly” a member of the elite, making his vow to put the power back into the hands of workers irrelevant.

He told Express.co.uk: “The issue isn’t how much Mr Corbyn earns, but the blatant hypocrisy on high pay. One rule for himself, another for everyone else. He condemns everyone who earns a high income other than himself.

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Jeremy Corbyn’s earnings and net worth have been savaged by furious critics (Image: GETTY)

jeremy corbyn

Jeremy Corbyn defiantly told delegates the party “will put the power in the hands of workers” (Image: PA)

“Mr Corbyn claims to be on the side of the workers while clearly being a member of the elite.”

As of 2019, Mr Corbyn earns £79,468 as an MP, and reportedly £62,440 for being the Leader of the Opposition goes into his account annually. Combined, he makes a huge £141,908 a year.

Spears also reported he has claimed over £3 million from the state over the last 30 years – double the amount claimed by a normal MP – and since he retires is predicted to receive a £1.6 million pension.

Tim Focas, Director of Financial Services at Westminster think tank Parliament Street, compared the Labour leader to “champagne socialist” Ramsay MacDonald, who was the first Labour politician to become Prime Minister in 1924.

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The Labour Party leader’s net worth and earnings have been revealed – and critics are furious (Image: GETTY)

He told Express.co.uk: “It is hard not to look at Mr Corbyn as anything other than a modern day Ramsey MacDonald – who become synonymous with the phrase ‘champagne socialist’.

“Preaching about social injustice when earning well over one hundred grand per year is not going to unite people who feel disaffected, who have not seen their real term wages rise in decades, and most importantly, feel their work is not meaningful.”

He added: “MPs should really be paid the same amount as the average joe.

“They should have the same concerns, difficulties and similar struggles with the cost of living as the people who elect them.”

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jeremy corbyn john mcdonnell

The party’s plans should they come into power in the next general election have been brutally attacked (Image: REUTERS)

jeremy corbyn john mcdonnell

Labour outlined plans for an additional £50billion a year in public spending (Image: REUTERS)

“They are protected from the stresses and strains of normal life and are being paid salaries of two or three times the average wage, making them simply unable to relate to the concerns of their constituents.”

Mr Focas also urged an overhaul over how much politicians should be paid and raged money should be taken out of MPs’ annual salaries for much needed investment in public services instead of crippling Britons with huge taxes.

Earlier this month, it was revealed Labour will need to find an extra £26billon a year to fund its ambitious public spending proposals – but the TaxPayers’ Alliance warned all British taxpayers, not just wealthy ones, likely to feel the pinch.

During the 2017 general election campaign, Labour’s Shadow Chancellor John McDonnell outlined plans for an additional £50billion a year in public spending, which was largely be funded by raising £48billion a year from measures including higher income taxes on the top five percent for earners and increasing corporation tax.

jeremy corbyn eurosceptic

Is Labour Party leader Jeremy Corbyn a Eurosceptic? (Image: EXPRESS)

However, Mr McDonnell and Mr Corbyn have since vowed to reverse cuts to social security imposed since 2015, a well as ending austerity when it comes to public services.

The Shadow Chancellor has said Labour’s plans have been “radicalised” since 2017, commenting: “We have to rewrite the rules of our economy. Change is coming.”

As a result, analysis form the Financial Times suggested Labour would need to raise an additional £26billion annually, which may prove difficult to do without levying extra taxes on people across the tax base, not just those on high incomes.

Mr Focas told Express.co.uk: “Those who feel MPs should be paid more envisage them having more of a managerial or corporate style role.

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Jeremy Corbyn has been savaged for the high wage he earns each year (Image: GETTY)

“That’s why so often those who head up housing associations or NHS trusts are shifted over to work in Whitehall, but in actual fact a management approach runs counterintuitive to MPs representing the interest of their local community.”

Commenting on where Mr Corbyn’s wages could instead be spent, he added: “Schools, hospitals, reducing crime – there are a plethora of areas where the money could go.

“Taking a chunk out of an MPs annual salary certainly beats always looking to put up taxes in order to raise money to fund public services.”

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