Britain's Rishi Sunak announces election pledge

British Prime Minister Rishi Sunak speaks at the launch of the Conservative Party general election manifesto at Silverstone Circuit in Towcester, England, on June 11, 2024.

Leon Neal | Getty Images News | getty images

LONDON British Chancellor Rishi Sunak published his Conservative Party's official election manifesto on Tuesday, announcing support for first-home buyers and promising more tax cuts.

The pledge comes as the Conservatives are expected to be sacked by rival Labor in the July 4 general election, with Sunak personally criticized several times during the campaign.

Sunak apologized early last week for leaving D-Day commemorations in France and was accused of misleading British voters by claiming Labor would raise taxes by ₩2,000 ($2,547) per working household.

On Tuesday he pledged to cut a further two pence from National Insurance, the UK's tax on workers' earnings, and reiterated plans to restore national service, which would require 18-year-olds to complete a community program for 12 months or a year. . of military training.

He also said the Conservatives would seek to halve migration and then “reduce it every year”, and also promised a “Help to Buy” program for first-time property buyers amid Britain's housing crisis.

Both Sunak and Labor leader Keir Starmer place economic growth, the cost of living and taxes at the forefront of their campaign messages. If Labor wins, it will have a majority of seats in parliament for the first time in 14 years. Opinion polls have for some time predicted Labor would win the general election after a series of scandals during former Prime Minister Boris Johnson's tenure saw the Conservative Party's approval ratings plummet.

The total tax cuts under the Conservative manifesto will gradually increase to $17.2 billion per year by 2029-30. In its initial response to the declaration, the Institute for Fiscal Studies, an independent think tank, said the package was “estimated to have been funded by a $12 billion reduction in the projected welfare bill” among other strategies, including cracking down on tax avoidance.

“They are uncertain, unspecified and clearly victim-free savings giveaways. Forgive me for a certain degree of skepticism,” IFS director Paul Johnson said in a statement.

Helen Dickinson, chief executive of the British Retail Consortium, said the promise left many issues without clear resolution, including business rates and work apprenticeships.

“The manifesto fails to break the bullseye… On a brighter note, the Conservatives’ commitment to tackling retail crime remains firmly in the manifesto, along with their pledge to toughen sentences for those who assault retail workers. “She said. Statement sent by email.

CNBC's Jenni Reid contributed to this article.

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