Labour says its plans to nationalise key utilities and increase wages will make households nearly £7,000 better off each year if it wins next week’s general election. But Mr Javid poked fun at shadow home secretary Diane Abbott after she posted the pledge on Twitter, telling her followers the would be “better off with Labour”.

He replied: “C’mon Diane! Labour will introduce 12 new taxes costing every worker £2,400 per year, knock £11K off the average pension pot and crash the economy, just like last time.”

A dossier from Labour claims its policy of re-nationalising the water industry would save families on average £113, while bringing energy firms into public ownership would save £559.

In its general election manifesto, the party confirmed plans to nationalise BT Openreach to provide free broadband, and claims that would save a further £364.

Expanding free childcare, slashing rail ticket prices, introducing free prescriptions and free school meals would also save £5,500 in total.

Mr McDonnell told supporters in Birmingham: “As Chancellor I want to ensure Government has sound finances, but I want more than that. I want every family, every household in Britain to have sound finances.

“That means putting a stop to rip-off Britain and making real change so that people are not powerless in the face of profiteering monopolies, bad bosses at work and cast aside by a government that just stands by.

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“Judge me on the public finances, but judge me too on the money in your pocket. You deserve better, and you will be better off under Labour.

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“Where the Tories have failed, a Labour government will be on your side.”

But the claims of the massive savings from the Shadow Chancellor have immediately been torn apart by the Conservatives.

“Their spending plans would cost everyone £2,400 every year, that’s equivalent to a month’s pay for most people.

“In contrast, we have pledged to cut taxes and will introduce record increases in the National Living Wage which will mean hard working people will get a well-deserved pay rise.

“Labour can’t be trusted with the economy and their reckless pledges will mean higher bills and more tax for everyone.”



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