Labour Announces Tax Plans to Raise £85 Billion
£35 Billion in Borrowing to Fund Manifesto Policies
The Labour Party has unveiled its tax plans for the upcoming election, outlining a strategy to raise around £85 billion. The manifesto also includes £35 billion in borrowing to fund its policy proposals.
Fully Costed and Funded Manifesto
Labour has emphasized that all of its 2024 manifesto plans have been fully costed and funded. The party's tax proposals aim to address key issues such as wealth creation, social justice, and economic growth.
Corporation Tax Cap
The manifesto is expected to include a pledge to cap corporation tax at its current rate of 25%. This move is aimed at encouraging investment and promoting economic competitiveness.
Targeting Wealth Creation
Labour leader Sir Keir Starmer has stated that wealth creation will be the primary focus of the party's general election manifesto. The tax plans are designed to incentivize economic activity, increase revenue, and reduce inequality.
Tax Rises and Conservative Chaos
Sir Keir Starmer announced £86 billion of tax increases as part of the Labour manifesto, promising to end the "endless Conservative chaos." The party aims to redirect these funds into public services and economic recovery initiatives.
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