Labour has unveiled plans to hit 1.6 million high earners with an income tax hike as Jeremy Corbyn put a multi-pronged raid on the middle classes at the heart of his election strategy.

John McDonnell, the shadow chancellor, hinted that anyone earning £70,000 or more would be classed as “rich” and that the rich should “pay their way more”.

It led to speculation that Labour is planning to bring the 45p top rate of tax down from its current threshold of £150,000 to £70,000, landing the top five per cent of earners with a tax bill of up to £4,000 extra per year.