Jeremy Corbyn has an "unprecedented" £30 billion black hole in his spending plans, it has emerged as leading economists warned that he will bring a level of state intervention not seen since the Second World War.

Labour's draft manifesto, which was leaked to The Telegraph, includes up to £90bn worth of spending commitments which will cost every household in Britain the equivalent of £4,000 each.

However, economists suggested that Labour's plans for borrowing and tax rises will only raise £60bn, leaving a huge gap in spending plans.