A Labour government would increase taxes by almost £50 billion and borrowing by £25 billion a year to pay for "a fairer, more prosperous society for the many, not just the few", Jeremy Corbyn has announced.
The party's manifesto for the June 8 General Election envisages extra spending totalling £48.6 billion to pay for priorities like scrapping university tuition fees, raising the minimum wage to £10 an hour and pumping £6 billion a year into schools and £7 billion into health and social care.
Water, energy, railways and the Royal Mail would be nationalised, while a new National Transformation Fund would borrow £250 billion over 10 years to pay for infrastructure improvements including the extension of the HS2 high-speed line to Scotland and a Crossrail for the North linking major northern cities.
While guaranteeing no hikes in VAT, personal national insurance contributions or income tax for the 95% lowest-paid, Labour would raise £19.4 billion by increasing corporation tax from 19% to 26% by 2020/21.
It would lower the threshold for the 45p rate of income tax from £150,000 to £80,000 and introduce a new 50p rate for earnings above £123,000, raising £6.4 billion from the top 5% of earners.
Companies with employees earning over £330,000 would face an "excessive pay levy" forecast to raise £1.3 billion a year.
Launching the 124-page document in Bradford, Mr Corbyn said: "This is a programme of hope. The Tory campaign by contrast is built on one word – fear.
"Our proposals are of hope for the many all over this country and I am very proud to present our manifesto for the many, not the few."
The independent Institute for Fiscal Studies think tank said Labour's programme would take the tax burden to its highest level for around 70 years.
Business voiced anxieties, with the director general of the British Chambers of Commerce warning that higher personal and business taxes would give bosses "real cause for concern".
Although the multibillion-pound nationalisation of key industries would not officially increase the deficit, because government accounts would show an equivalent increase in state assets, Institute of Directors director general Stephen Martin warned that "the costs would be staggering, the benefits unclear, and the related tax rises would make the UK a less competitive economy".
But TUC general secretary Frances O'Grady hailed the package as "an impressive set of pledges from the Labour Party", adding: "Their commitments to improve workers' rights and drive up wages would make a real difference to millions of workers."
Key pledges in the manifesto include:
:: Bringing private rail companies back into public ownership as their franchises expire
:: A new network of regional, publicly owned water companies
:: Transition to a publicly owned, decentralised energy system
:: Reversal of Royal Mail privatisation "at the earliest opportunity"
:: Hiring 10,000 new police officers and 3,000 new firefighters
:: New Brexit negotiating priorities focused on retaining the benefits of the single market and customs union
:: Creation of a National Education Service
:: Ban on zero-hours contracts, and maximum pay ratios of 20:1 in the public sector
:: Construction of at least 100,000 council and housing association homes a year by the end of the next parliament
:: Spending of £4 billion on more generous welfare benefits, including scrapping the so-called "bedroom tax" - although there is no promise to reverse planned changes
:: Guarantee for the triple-lock protection for the state pension
:: Ban on fracking
:: Raising £3.7 billion by reversing Conservative "tax giveaways" on levies including capital gains and inheritance tax
After an intense internal battle over Mr Corbyn's long-standing opposition to nuclear weapons, the manifesto confirms that Labour supports the renewal of Britain's Trident deterrent, while aiming to "lead multilateral efforts with international partners and the UN to create a nuclear-free world".
The manifesto has dropped a statement that a Labour prime minister would be "extremely cautious" about using weapons of mass destruction, which was included in a draft version leaked last week in apparent recognition of Mr Corbyn's stance.
Mr Corbyn insisted that Labour's plans were fully costed, telling activists: "We can embark on this ambitious programme without jeopardising our national finances."
The manifesto commits the party to a Fiscal Credibility Rule, requiring a Labour government to eliminate the deficit on day-to-day spending within five years and ensure that debt is lower at the end of the next parliament but providing flexibility to borrow for investment.
The document – entitled "For the Many, Not the Few" - says: "We will measure our economic success not by the number of billionaires, but by the ability of our people to live richer lives."
Conservative Chief Secretary to the Treasury David Gauke said: "Every single working family in this country would pay for Corbyn's chaos with higher taxes.
"It's clear that proposal after proposal in this manifesto will mean more borrowing and debt: from promises on benefits, to promises on prison guards, to promises on nationalising the water network."
Other revenue-raising plans include a "Robin Hood tax" extension of stamp duty on to derivatives, designed to bring in £5.6 billion and the imposition of VAT on private school fees, estimated at £1.6 billion.
Expensive pledges include £11.2 billion to scrap university tuition fees, £6.3 billion extra funding for schools, £5 billion for health and £2.1 billion for social care, and £4 billion to lift the Conservatives' 1% cap on public sector pay increases.
CBI director-general Carolyn Fairbairn said: "Labour's proposals taken as a whole prioritise state intervention over enterprise, and fail to offer the pro-growth and competitiveness agenda the country so badly needs.
"While employers will welcome new commitments on skills and infrastructure, living standards will only rise if open markets remain the mainstay of the UK economy, rather than stifling new rules, regulations and burdens on firms."
Mr Corbyn later told the BBC it was not possible to estimate the cost of proposed nationalisations "because we don't know what the share price would be at the time that we do it".
Returning rail to public hands would be cost-neutral as it would simply involve declining to renew franchises when they run out, he said.
In the case of energy, he said Labour would not nationalise the existing Big Six companies but would take the National Grid into public ownership and provide facilities for the establishment of regional companies along the lines of Nottingham's council-backed not-for-profit Robin Hood Energy.