July 21, 2024

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Keir Starmer sets out £8.6bn of tax rises at Labour manifesto launch

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Sir Keir Starmer set out £8.6bn of tax rises in the Labour manifesto on Thursday as he promised to “stop the endless Conservative chaos” and begin a decade of “national renewal”.

The figure, which includes a clampdown on tax avoidance, came as the Labour leader put economic growth at the heart of his pitch to British voters ahead of the UK general election on July 4.

It includes £5.2bn a year raised from investing in tackling tax avoidance and closing non-dom tax “loopholes”, £1.5bn from taxing private school fees and £565mn from raising taxes on profits earned by private equity executives.

Labour also said it would raise £1.2bn from its windfall tax on oil and gas companies, along with £3.5bn a year of extra borrowing, to fund the party’s slimmed-down green prosperity plan, through which it would invest in renewable energy projects.

Starmer said his plan to “get Britain building again”, which includes planning and energy reforms, would stimulate UK economic growth. Economists are sceptical that growth alone can solve the UK’s immediate fiscal problems.

“The world has become increasingly volatile, with a major war in Europe for the first time in a generation and even greater threats to the living standards of working people,” Starmer said.

“This ‘age of insecurity’ requires the government to step up, not to stand aside.”

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The 134-page manifesto document consisted almost entirely of policies and funding measures that the party has previously outlined, with increased spending totalling £9.5bn a year. This included 6,500 new state schoolteachers, boosting the number of NHS appointments to tackle backlogs in the health system, and the green prosperity plan, Labour…

2024-06-13 09:14:21

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