UK General Election 2024: Labor Party releases manifesto

LONDON – Britain’s left-leaning Labor Party, the front-runner in the upcoming national election, said on Thursday it would be “pro-business” and prioritize “wealth creation”. Report.

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

“Economic growth and social justice must go hand in hand,” Starmer said during Thursday’s keynote address, which he called “a manifesto to create wealth, a plan to transform Britain”.

Starmer said Labor policies were “absolutely costly” and “you can’t play fast and loose with public funds.”

Much of the manifesto has previously been flagged by the party, including promises to increase windfall taxes on oil and gas companies, scrap tax breaks for independent schools and close existing ones. described “Tax loophole” for private equity investors. The party affirmed its recognition of a Palestinian state, calling statehood “the inalienable right of the Palestinian people.” The pledge comes after months of division within the party over its response to the Israel-Hamas war.

“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 incumbent Conservatives. Conservatives argue that Labor lacks a clear plan for the nation and will raise taxes on working families.

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

This will be achieved through economic stability, reforming planning rules to build 1.5 million new homes and introducing a new industrial strategy, the development section of the 135-page report said. It also said it would create a 7.3 billion pound ($9.32 billion) national wealth fund to invest in areas including the UK steel and auto industries, carbon capture technology and gigafactories.

Despite posting growth of 0.6% in the first quarter of 2024, the UK fell into a shallow recession late last year as households and businesses faced high inflation and tight financial conditions.

In his speech announcing the July 4 referendum, UK Prime Minister and Conservative Party leader Rishi Sunak said inflation was now under control and that 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, chief executive of British grocery chain Iceland, who said only Labor could reverse the UK’s “trajectory of poor economic performance”.

“My first priority is wealth creation,” Labor leader Keir Starmer said on social platform X on Thursday. “My transformed Labor Party has a plan for growth. We are pro-business and pro-labour.”

In a debate earlier this month, Starmer vowed not to raise value-added tax (VAT) or national insurance, a common tax on workers, as Chung did.

The row followed a debate over Labor’s policies that would see tax rises of £2,000 ($2,556) per family in the next parliament. Starmer called the claim “rubbish” and said it was based on “made up Labor principles”.

There is a think tank called the Institute for Fiscal Studies Accused Both party leaders have failed to be clear on where to cut public spending if they are to keep their commitment to reducing UK net debt.

The Conservatives released their own manifesto on Tuesday, with pledges to cut National Insurance by 2 pence, introduce compulsory national service, halve immigration and introduce a scheme to help first-time property buyers.

Polls have been around for years pointed out Labor won a significant victory against the Conservatives, who had been in power for 14 years. National security is another area where the parties trade, with Defense Minister Grand Shops saying Labor would “make the UK an undefended target”. Labor said it would “maintain an unwavering commitment to NATO and our nuclear deterrent and a renewed focus on improving morale in our armed forces”.

Labour’s shift to the political center under Starmer has won the approval of business leaders and financial markets. caused controversy and a split with the left wing of the party.

The main trade union is Unite refused According to a BBC report, Labor is to back a statement over concerns that the oil and gas industry has failed to protect workers’ rights and jobs.