John McDonnell confirms date of first Labour Budget as February 5

Despite the election polls, the Shadow Chancellor outlined the details as he voted to set up a major fund before Christmas and start nationalising water and energy within 100 days of entering 10 Downing Street

Labour's first Budget will be held on February 5 if Jeremy Corbyn wins power this Thursday.

Shadow Chancellor John McDonnell confirmed the date as he outlined details of the economic plan in a speech in London.

He spoke as a Survation poll put the Tories a whopping 14 points ahead of Labour - with Boris Johnson's lead widening just three days before the general election .

But Mr McDonnell insisted “we’ve won the debate out there in the country particularly over austerity”, which Boris Johnson has admitted was wrong.

Promising he had “draft plans to hand to the civil servants on Friday”, he added: “We’ve won for our vision of a brighter, fairer more sustainable future."

John McDonnell said the first priority if Jeremy Corbyn gets into No10 will be ending the Tory cuts to benefits and public spending with a Labour Budget.

And separately, Labour’s National Transformation Unit would be established in the first 12 days of government.

The Unit would be based in northern England and eventually be tasked with spending at least £400bn over 10 years.

Labour would also “begin the process” of renationalising water and energy firms in the first 100 days of government, the Shadow Chancellor said.

Mr McDonnell admitted some would see the plan as too ambitious but said that was down to “10 years of Tory austerity undermining any hope of change”.

Pledging to “rebuild from the wreckage” of Tory and Lib Dem rule, he added: "We’re setting our sights higher than any opposition party has ever done before.

“We’re doing that because we have to. Because the scale of the challenge is greater than ever before.”

Saying the UK had “no time to lose” he added: “Any future general election will be too late. We need to start this week.”

Branding it "the date when almost ten years of cuts will come to an end," he said it would be "the Budget which ends austerity once and for all."

He added: "This is the budget that will save the NHS, that starts to rebuild the public services the Tories have brought to their knees.

"A Budget that will put money in people’s pockets, a Real Living Wage of £10 an hour. Money to fix the worst aspects of Universal Credit , while we design its replacement, a 5% pay rise for public sector workers after years of pay freezes.

"The Waspi compensation scheme will be established and legislation brought forward to scrap tuition fees

"Urgent funding will be brought forward rapidly to tackle the funding crisis in our NHS, our schools and education service.

"To establish free personal social care and childcare, to bring forward urgent homeless support, and inject much needed resources into our council services, with a full Comprehensive Spending Review to follow later in 2020 to allocate resources for the full five years."