A tax on sugary drinks and increased tax on tobacco are part of Labour's economic plan if re-elected.

The party has also stated its intention to scrap the USC for those earning under €72,000 a year.

If enacted, the plans would see a 15c tax on sugary drinks while the cost of cigarettes will increase by "about 45 cent a year".

Public Expenditure Minister Brendan Howlin says that the extra taxes on tobacco are particularly important.

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Our tax plan is to make work pay - Minister Brendan Howlin. #GE16 pic.twitter.com/BqgA0sdEns

— The Labour Party (@labour) February 8, 2016

"The consumption of tobacco is the biggest single detrimental thing that's happening in relation to health status in Ireland, and [if] we can reduce the number of smokers, it has an enormous financial benefit, but much more importantly, and enormous health benefit." he said.

"So we intend, in the lifetime of the next Government, to increaser it by about 45c a year."

Launching the party’s economic plan launch in Dublin this morning, the Labour Party said it expected €11.2bn to be available in extra spending or ‘fiscal space’ over the next five years.

Outlining its spending proposals, the party that over €1bn in extra spending could be raised through new revenue measures over the next five years.

The proposed measures include a sugar sweetened drink tax (€183m), increasing the bank levy (€350m), increased tobacco tax (€260m) and phasing out tax credits for high earners (€306m).

The party also gave more detail about its proposed €2.8bn tax cuts package over the period of the next government, to benefit low and income earners.

Additional reporting by Juno McEnroe