Scottish Labour leader Jim Murphy said he would use cash raised in England to fund a spending splurge north of the border . Scottish Labour Jim Murphy has threatened a new £1billion tax raid on England to fund a fresh spending splurge north of the border . Mr Murphy said Labour would hit bankers with a new ‘ bonus tax ’ and slash the amount wealthy savers could pay into their pensions tax free . He said Labour would use this cash , almost entirely raised in England , for a range of giveaways in Scotland . Mr Murphy said he would introduce a ‘ Scottish Jobs Guarantee ’ , which Mr Murphy says will end long-term youth unemployment . About 5,000 young Scots aged 18-24 will be eligible for the jobs guarantee in the first year of the scheme . The £1billion package includes a £1,000 increase in bursaries for Scottish students , a ‘ future fund ’ worth £1,600 for every 18 and 19-year-old in work and free university tuition . The future fund , unveiled at Scottish Labour 's spring conference , will provide teenagers who do not go to university with £1,600 to spend on what they ‘ need to get on in life ’ . Mr Murphy said : ‘ This is an unprecedented investment in our young people , only made possible by harnessing the wealth of the whole of the UK , including the wealthiest in the City of London . ‘ It is a guarantee of opportunity that the SNP ca n't deliver because they do n't believe in redistributing from South to North . ‘ It is a guarantee that the Tories wo n't deliver because they do not believe in redistributing from rich to poor. ’ ‘ This generation of young people has come of age when , for the first time , most parents believe that their children will do worse than they did . ' Mr Murphy added : ‘ While the living standards of those retiring now are greater than previous pensioners , young people 's living standards have stagnated compared to their older siblings and parents . ‘ The economic and social costs of a generation for whom the hope of youth has been replaced with pessimism over the chances of a better future may dog us for years to come . ‘ But it is not too late to turn things around and to make the promise of a better future real . ‘ It is not too late because this generation of young people have been educated for longer and to a higher standard than any previous generation. ’ Jim Murphy said the SNP could not match Labour 's spending pledge because they wanted to break away from the UK . On the jobs guarantee , Mr Murphy said : ‘ We will use a new tax on the bonuses of bankers here in the City of London and in the UK 's other financial centres . ‘ We will use that funding to guarantee a real job , at at-least minimum wage , and to guarantee training for every young person too . ‘ We offer the guarantee to all young people who are at risk of falling into long-term unemployment . ‘ This will be a Scottish Jobs Guarantee , delivered by a distinct contract in Scotland , in partnership with employers , colleges and the Scottish Government. ’ SNP work and pensions spokeswoman Dr Eilidh Whiteford said : ‘ Given that Jim Murphy has voted in favour of tuition fees at every turn , Scotland 's young people wo n't fall for his empty attempts to buy their vote . ‘ And despite Westminster 's disastrous economic record , youth unemployment is at its lowest level for five years in Scotland as a result of Scottish Government action . The Scottish Government 's Opportunities For All scheme offers every 16 to 19-year-old a place in work , education or training - and as a result , 90 % of school leavers are going into positive destinations . ‘ Mr Murphy 's warm words wo n't hide the fact that his party voted arm-in-arm with the Tories for £30 billion more cuts - at the same time as committing to wasting £100 billion on Trident nuclear weapons . ‘ If Mr Murphy really wanted to invest in Scotland 's young people , he would dump this ludicrous policy in favour of nuclear weapons and back the SNP in spending the money on education , childcare and health . ’
Scottish Labour leader Jim Murphy unveils £1billion spending package . Mr Murphy pledged a 'Scottish Jobs Guarantee ' to cut youth joblessness . It will be funded by tax raid on England and wealthy pensioners . He said only Labour could redistribute cash from London to Scotland . But the SNP dismissed the move as an 'empty attempt to buy votes '