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Millions of Brits aged under 25 are to get free bus travel, Labour will pledge today.

Jeremy Corbyn will say the radical new policy could benefit up to 13 million young people.

It will help them save up to £1,000 a year each and be paid for using money ring-fenced from Vehicle Excise Duty, the Labour leader will say.

Launching the policy at a visit to a sixth form in Derby today, Mr Corbyn is expected to say: “Young people deserve a break.

“Nearly eight years of Tory austerity have hit their incomes, their chance to buy a house and their career opportunities.

(Image: BIO-BEAN)

“Labour wants to help young people make the most out of life by investing in them, which is why today we are pledging the next Labour government will provide the funds to cover free bus travel for under 25s, to support them to travel to work, to study and to visit friends.”

What's the current policy?

Currently, there is no national structure on free bus travel for young people and children.

Kids aged under 5 generally don’t pay for bus travel anywhere in the country.

But older children, teens and young adults all pay either full or reduced rates.

There are 13 million people aged between 5 and 24.

Will all areas give free travel automatically?

No.

So what's the condition?

It depends on how your local area acts.

Under the scheme, funds for a free travel scheme for under 25s would be provided individually to local authorities who follow a certain set of conditions.

It would only go to those who introduce bus franchising - similar to the system in London - or move to public ownership of their local bus services.

Jeremy Corbyn hopes this will incentivise local authorities to create municipally owned bus companies, run for passengers not profit.

Labour research claims such an arrangement could achieve annual savings of £276million per year.

(Image: Getty Images Europe)

How will they pay for it?

The money will come from Vehicle Excise Duty (VED) - better known as car tax.

From April 2020, VED is due to become a ring-fenced tax to pay for a new roads fund set up by the Tory government.

Labour, however, would widen that ring-fence by putting the money into a "sustainable transport fund" instead.

Labour's fund would be split between both road-building and the bus passes policy.

However, a Labour source insisted no less money would be spent on road building because the extra funds would be provided from capital - long-term, one-off - spending.

Labour has estimated the cost of the policy will be £1.4billion a year.

This is based on bus use statistics from the National Travel Survey and projections on how soon different authorities would be able to implement franchising or municipalisation.

(Image: Daily Record)

What does Jeremy Corbyn say?

Mr Corbyn will add on Thursday: “Our policy provides help where it is most needed.

“On average, children, young people and households with children each have less disposable income than working age households without children.

"Young people also tend to be in lower paid, more insecure work, and they spend a higher proportion of their income on travel.

"Giving them free bus travel will make a huge difference to their lives.”

Shadow Transport Secretary Andy McDonald added: “Buses are vital for easing road congestion and air pollution, but for too long, private bus companies have run our services for profit not people.

“The public purse already pays 42% of the costs of providing local bus services, but deregulated private companies choose to run only the profitable services and leave councils to plug the gaps left for non-profitable but vital routes.

“That’s why we’ll encourage local authorities to take back control of their buses so they can provide a better and more sustainable service to young and old alike, wherever they live.”

What do the Tories say?

(Image: Jack Taylor)

Tories claimed that Labour's own calculations show the policy could cost up to £13billion a year.

And they said the pledge would "increase borrowing" and "in effect mean funding a day to day spending commitment with borrowed money."

Transport Minister Nusrat Ghani MP said: “This is yet another promise from Labour that they have no real ability to deliver.

“Labour admit themselves this could cost up to £13billion, meaning extra borrowing with working people paying the price.”

Labour hit back by insisting its plan was fully costed and would boost the economy by helping more people travel for work and leisure.

Why is the announcement being made now?

The announcement will be seen as a bid by Labour to lock down the youth vote.

Voter turnout of this group is expected to be critical at the next general election.

And of course, it's a key announcement involving local town halls just before the local elections on May 3.

The average number of bus trips made by young people above the age of 21 has dropped by almost 40% under the Tories.

Labour will also point to how boosting the number if people using buses can boost the environment.