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Jeremy Corbyn will put cash back into household budgets by ending the stranglehold of fat-cats who have pushed prices sky high and kept wages at rock bottom.

Labour has set out how it will end the cost of living crisis and save families an average £6,716 a year by taking utilities into public ownership and raising the minimum wage.

The Tories’ austerity cuts and failure to crack down on profiteering firms have cost the average household nearly £6,000 a year since 2010, according to Labour figures.

As more and more children go homeless and hungry while executive pay and bonuses continue to rocket, Labour is vowing to end the unfairness of rip-off Britain.

(Image: REUTERS) (Image: AFP via Getty Images)

On Wednesday, Shadow Chancellor John McDonnell will say: “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.

“You deserve better, and you will be better off under Labour. Where the Tories have failed, a Labour government will be on your side.”

(Image: Getty)

The Conservatives have cost the average household £5,949 every year since 2010 because of rising bills and falling wages, Labour has calculated.

This includes £1,924 more on rent, £1,916 extra on childcare per child and £1,740 more on two rail season tickets. Labour claimed.

The party says its plan for “real change” would save £6,716 for each household, including £2,941 per child clawed back on childcare under its plans to expand free care.

Labour says £2,194 would be saved on a pair of train season tickets by bringing the railways under public ownership.

(Image: Getty Images)

Another £559 would be pared back on utility bills by nationalising energy companies and upgrading homes.

Labour’s plan to give free full-fibre internet with a nationalised broadband service would save £364 a year, compared with a £204 increase under the Tories.

Mr McDonnell will highlight a report released by housing charity Shelter this week that suggests 135,000 children will be living in temporary accommodation on Christmas Day.

And he will point to Equality Trust analysis saying the UK’s six richest people control as much wealth as the poorest 13 million.

Speaking in Birmingham, Mr McDonnell will say: “It’s three weeks to Christmas.

"With children going hungry and homeless are we really living up to the values of Christianity – or any other of our religions or beliefs for that matter?”

Other Labour plans to tackle the squeeze on ordinary families include raising the minimum wage to £10 an hour for everyone aged 16 and above, which it says would give the average over-25 a £3,444 pay rise.

Labour has said only the top 5% would have tax rises under its plans, but the Tories have pointed that out low earners would be affected by plans including the end to the marriage allowance, costing up to £250 a year.

They accused Labour of standing on a manifesto containing tax hikes for “ordinary hard-working people”.

Counting the costs of Conservatives

(Image: REUTERS)

Since 2010 the Tories have cost the average household:

£68 more for their dual-fuel energy bill

£75 more for their water bill

£204 more for their broadband bill

£1,740 more for season rail tickets

£1,916 more on average for childcare per child

£22 more on yearly prescription charges

£1,924 more on rent

Total cost: £5,949

Labour's household savings

(Image: AFP via Getty Images)

Under Labour, the average household would save:

£559 on their dual-fuel energy bill

£113 on their water bill

£364 on their broadband bill

£2,194 on a pair of season rail tickets

£2,941 on average for childcare per child

£108 on yearly prescription charges

£437 on free school meals

Total save: £6,716

Where you will save

Childcare

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Average cost of child care rose £1,916 from 2010 to 2019.

The promise of 30 hours of free childcare will benefit more than 880,000 three and four-year-olds, and more than 500,000 two-year-olds.

Free school meals, to be offered to all primary school kids, are worth £2.30 per child per day, or £437 over a school year.

Prescriptions

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NHS drug prescriptions were £7.20 in 2010 and are now £9 per item, a rise of £1.80.

Patients can pay £29.10 a quarter for unlimited prescriptions.

The next Labour government will abolish prescription charges in England.

There is already no charge for patients in Scotland, Wales and Northern Ireland.

Wages

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Median annual earnings are £936 lower than in 2008.

Labour will increase pay for 7.5million workers with a £10-an-hour real living wage, giving them £9,000 more than the Tories over five years.

A household with two people on the minimum wage would be £6,888 better off a year.

Housing

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The median weekly rent in 2010 was £156. In 2019 it was £193. Over a year that’s an increase of £1,924.

Labour has set out a new private renters’ charter, which includes the right to an affordable, secure and decent home, where rent rises by no more than the rate of inflation.

Energy

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Domestic dual-fuel bills were £1,116 on average in 2010 and £1,184 in 2019. In the UK 2.53million households are in fuel poverty, which is 11%.

Labour will nationalise the big six energy companies saving at least £142 per household. It would make homes more energy efficient saving £417.

Water

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Water bills were on average £340 in 2010 and were £415 in 2019. Between 2012 and 2017 the UK’s nine privatised companies paid out more than £6.5billion in dividends.

Labour will nationalise them and reinvest profits in the system which experts say would save households £113.

Broadband

(Image: Getty Images/EyeEm)

Broadband bills were £13.31 a month on average in 2010 and were £30.30 a month on average in 2019.

But only 8-10% of premises are connected to full-fibre broadband. Labour will extend this to everyone for free saving an average £364 a year.

Upkeep cost would be paid by a tax on net firms.

Season tickets

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From January the average commuter will now be paying £3,064 for their season ticket, which is £870 more than it was in 2010.

Labour will cut regulated rail fares by 33% from January 2020, saving the average commute £1,097 a year, and make rail travel free for under-16s.