Kamal Ahmed
Economics editor

Image source, Getty Images

It sounds like a simple equation.

Announce more money for a public policy initiative and say you will pay for it with an increase in taxes.

On Wednesday the Labour Party said that it plans to spend more than £5bn improving education in England.

To fund the initiative, the party also announced the details of its proposals to increase corporation tax from its present rate of 19% to 26% by 2020-21.

A move described by Paul Johnson of the Institute for Fiscal Studies as one of the most significant tax increases for 30 years.

Smaller firms with profits below £300,000 a year will see more modest rises - up to 21% by 2020/21.

Read more

Here's a round-up of the day's top stories:

• No Conservatives will face charges for breaches of expenses rules over the 2015 general election "battle bus"
•  Labour pledges to invest more than £20bn in schools in England by 2022 by significantly raising business taxes
•  Tim Farron says he is "relaxed" about local Lib Dem parties choosing not to stand against other candidates to avoid splitting the anti-Tory vote
•  Offering free childcare would get the economy moving for the benefit of all, the leader of the Women's Equality Party says
• UKIP is backing Labour candidates that are "true Brexiteers" in a bid to "get the Brexit we want", its leader Paul Nuttall says.

Click here to see how the day's politics unfolded on Election Live