Jeremy Corbyn pledges £20bn for schools revolution by scrapping Tory plan to cut corporation tax

The Labour leader said the money would pay for a new 'National Education Service' for the UK

The Labour leader has vowed a government run by him would mean a ‘reckoning’ for Britain's elites and do away with an economy ‘rigged in favour of the rich and powerful’ (Getty)

Jeremy Corbyn has pledged to pump money into the nation’s cash-strapped schools as part of a £20bn education package paid for reversing Conservative corporate tax giveaways.

The ambitious proposals will also see Labour promise to ban 30-plus class sizes, scrap adult learners’ course fees and bring back student grants.

Labour claimed it could fund the ambitious proposals by undoing Conservative plans to cut corporation tax to 17 per cent by 2020 and instead raising it to 26 per cent – still lower than in other EU countries.

It throws down the gauntlet to Theresa May who herself faces a Tory rebellion over tight school funding, while polling for The Independent shows ditching corporation tax cuts to fund better services is hugely popular with the public.

Mr Corbyn also confirmed plans to give all primary school children free meals and restore education maintenance allowance for college students as part of his plan for a “National Education Service”.

The Labour leader has vowed a government run by him would mean a “reckoning” for Britain's elites and do away with an economy “rigged in favour of the rich and powerful”.

He said: “People of all ages are being held back by a lack of funding for education, and this in turn is holding back the economy by depriving industry of the untapped talent of thousands of people.

“The Conservatives have spent seven years starving schools of funding, meaning head-teachers are having to send begging letters to parents to ask for money.”

He added: “We will reverse the Conservatives’ tax giveaways to big business and put money back where it belongs, in our schools, our colleges and our communities.”

Ex-Chancellor George Osborne charted a course for corporation tax to fall from its 2010 rate of 28 per cent, to 19 per cent today and down to 17 per cent by 2020.

Ms May has signalled she will go ahead with the giveaway to businesses, despite the current British rate already being below that of other big European nations – with comparable rates in Germany above 30 per cent and in France, at 33 per cent.

Yet a recent report from the Public Accounts Committee showed how per-pupil school funding is falling in real terms, with head-teachers being forced to find £3bn in savings – 8 per cent of the total schools budget – by 2020.

In April research revealed how half of schools in England have been forced to ask parents for some form of financial help as a result of crippling budget cuts to education.

In a survey of around 1,200 teachers and school leaders, almost three-quarters of respondents reported seeing cuts to spending on books and equipment in school, and almost half reported cuts to special educational needs provisions.

A BMG Research poll for The Independent showed that 77 per cent of voters – including 69 per cent of those planning to back Ms May – agreed that corporation tax reductions should be scrapped if the money was going to the NHS.

Ms May has also faced calls from many Tories likely to be re-elected to abandon the Government’s school funding reforms amid fears that a proposed draft formula could see thousands of schools losing out, while others would gain.

Conservative Chief Secretary to the Treasury David Gauke said: “Jeremy Corbyn can’t deliver any of this. They’re just made up promises on the back of nonsensical spending plans. He’s spent this damaging tax rise on businesses on 12 different things and he’s already dropped numerous things he’s said he’d do before.”

Labour said the extra funding would allow for a reduction in class sizes, leading to the commitment that all five- to seven-year-olds would be taught in classes of fewer than 30 pupils.

The party would increase the adult skills budget to £1.5bn in 2020 to abolish upfront fees and increase course funding by 20 per cent per year to allow for an expansion of places.

Labour has already committed to extending free school meals for all primary children, costing between £700m to £900m and paid for by putting VAT on private school fees.

They have also previously announced a £582m plan to reintroduce Education Maintenance Allowance for 16- to 18-year-olds and restore grants for university students costing between £1.6bn and £1.8bn.

The Lib Dems also announced they would bring forward £7bn of extra school and college funding in the next parliament.