UK General Election 2024: Labor publishes its manifesto

LONDON – Britain’s left-leaning Labor Party, considered the front-runner in the upcoming national election, said on Thursday that it will be “pro-business” and prioritize “wealth creation” in its policy announcement. statement.

The party’s key pledges include creating a new publicly owned energy company, imposing a ban on new North Sea oil and gas licences, reducing patient waiting times on the strained National Health Service, and renationalising most passenger rail services.

“Economic growth and social justice must go hand in hand,” Starmer said during Thursday’s keynote speech, describing it as “a manifesto for wealth creation, and a plan to transform Britain.”

Starmer said Labor policies were “entirely cost-effective”, adding: “You can’t play fast with the public finances.”

The party has previously pointed to the majority of the manifesto, including promises to hike windfall taxes on oil and gas companies, eliminate tax breaks for charter schools, and close what has been closed. described As a “tax loophole” for private equity investors. The party also confirmed that it would recognize a Palestinian state, describing statehood as “the inalienable right of the Palestinian people.” This pledge comes after months of division within the party over its response to the war between Israel and Hamas.

“We cannot afford another five years of high taxes, low growth and broken Tory promises,” Labor deputy leader Angela Rayner said at a launch event in Manchester, referring to the current Conservative Party. The Conservatives say Labor lacks a clear plan for the nation and will raise taxes on working families.

“When we achieve growth, it will be in every corner of the country.”

The growth section of the 135-page statement said this would be achieved through economic stabilization, reforming planning rules to build 1.5 million new homes and introducing a new industrial strategy. It also said it would set up a £7.3 billion ($9.32 billion) national wealth fund to invest in areas including the UK’s steel and car industries, carbon capture technology and mega factories.

The UK fell into a shallow recession in the latter half of last year as households and businesses faced steep inflation and tighter financial conditions, despite achieving 0.6% growth in the first quarter of 2024.

In his speech announcing the vote on 4 July, UK Prime Minister and Conservative leader, Rishi Sunak, said inflation had now been tamed and his government had cut taxes on workers, increased state pensions and cut taxes on investment.

The second speaker at the Labor event was Richard Walker, CEO of British grocery chain Iceland, who said that only Labor could reverse the UK’s “path of poor economic performance”.

“Wealth creation is my number one priority,” Labor leader Keir Starmer said on social media platform X on Thursday. “My transformed Labor Party has a plan for growth. We are pro-business and pro-labor.”

In a debate earlier this month, Starmer pledged not to raise value-added tax (VAT) or National Insurance, a general tax on workers, as Sunak did.

Controversy ensued over Sunak’s claim that Labour’s policies would amount to a tax rise of £2,000 ($2,556) per household during the next parliament. Starmer described the claim as “nonsense” and said it was based on “made-up Labor policies”.

Institute for Fiscal Studies Research Centre Accused Leaders of both parties have failed to be transparent about where they will cut public spending if they are to maintain their stated commitment to reducing the UK’s net debt.

On Tuesday the Conservatives issued their own manifesto, with pledges to cut twopence from National Insurance, introduce compulsory national service, halve immigration and introduce a program to help first-time property buyers.

Polls have been around for several years pointing to The Labor Party achieved a major victory over the Conservatives, who remained in power for 14 years. National security is another area where the parties have traded barbs, with Defense Secretary Grant Shapps claiming that Labor would “turn the UK into an untenable target”. Labor said it would “maintain its unwavering commitment to NATO and our nuclear deterrent, and will place a renewed focus on improving morale in our armed forces.”

However, Labour’s shift to the political center under Starmer’s leadership has been approved by business and financial market leaders It sparked controversy And the split with the left of the party.

The great guild united to reject to support Labour’s manifesto over concerns that it fails to protect the rights and jobs of workers in the oil and gas industry, according to a BBC report.