Labour set to smash own borrowing rules with £58bn pension spree

Labour has already blown apart its own spending rules with a £58bn pledge to compensate women hit by a rising pension age, a leading think tank warns today.

The Conservatives also have the “thinnest of margins” as they seek to meet their own fiscal pledges unveiled less than a month ago, according to the Resolution Foundation’s latest analysis.

Shadow chancellor John McDonnell has promised to balance the day-to-day current budget within five years, while borrowing £400bn for investment. He is plotting a nationalisation spree of rail, water and energy firms, as well as part of BT and the Royal Mail.

But in a car crash interview this week leader Jeremy Corbyn pledged to hand more than £15,000 on…