Analysis of the opposition’s pledges, overseen by Sajid Javid, suggests Jeremy Corbyn’s party is committed to spending £650 million a day, the Sunday Times reported.
The figure was reportedly based on Labour’s last manifesto and its most recent pledges, spread over the course of five years.
The chancellor told the paper the country “cannot afford Corbyn’s spending spree”, claiming the shift would “undo all the hard work of the British people in recent years”.
He said Labour’s proposals – which include plans to renationalise rail, mail, water and energy – could leave the economy on the “brink of bankruptcy”.
Shadow chancellor John McDonnell labelled the claims a “ludicrous piece of Tory fake news” and an “incompetent mish-mash of debunked estimates and bad maths cooked up because they know Labour’s plans for real change are popular”.
He said: “Labour will tax the rich to pay for things everyone needs and deserves, like decent housing, healthcare and support for our children.
“We will also use the power of the state to invest to grow our economy, create good jobs in every region and nation and tackle the climate emergency.
“The Conservatives will be able to read all about these plans – and how much they actually cost – when we publish our fully-costed manifesto.”
The claims come as the Tories unveiled plans to quadruple the number of migrant workers permitted to take up seasonal work on British farms from 2020.
The Sunday Telegraph reported that the Prime Minister has approved plans to allow fruit and vegetable farmers to hire up to 10,000 workers from outside the EU for temporary roles.