2024 UK general election: Labor announces manifesto

Labor leader Sir Keir Starmer speaks at the launch of Labor's general election manifesto in Manchester, England, June 13, 2024. Labor consistently leads the polls by more than 20 points, according to the latest YouGov data.

Anthony Devlin | Getty Images News | getty images

LONDON Britain's left-leaning Labor Party, seen as a frontrunner in the upcoming general election, released its manifesto on Thursday, saying it would be “pro-business” and prioritize “wealth creation”.

The party's key pledges include the creation of a new publicly owned energy company, a ban on awarding new North Sea oil and gas licenses, reducing waiting times for patients in the strained National Health Service and re-nationalizing most passenger rail services.

“Economic growth and social justice must go hand in hand,” Starmer said in his headline speech on Thursday. “It is a manifesto for wealth creation and a plan to transform Britain.”

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

Much of the manifesto has been flagged by the party before, including promises to raise windfall taxes on oil and gas companies, repeal tax breaks for private schools and close what it described as “tax loopholes” for private equity investors.

Much of the manifesto had been previously flagged by the party. It closes additional tax loopholes for so-called non-resident individuals, reduces tax avoidance, eliminates tax breaks for private schools, and funds public services by closing what has been described as “tax loopholes” by 2028-29. It has outlined plans to raise ₩9.4 billion ($9.4 billion). Policies for private equity investors and increased taxes on residential property purchases by non-UK residents. It was announced that a 'temporary windfall tax' would be imposed on oil and gas companies to encourage additional green investment.

The party also confirmed it would recognize a Palestinian state, saying statehood was “an 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 five years of high taxes, low growth and broken Tory promises,” Angela Rayner, deputy leader of the Labor Party, said at an inauguration event in Manchester, referring to the ruling Conservatives. The Conservatives claim Labor lacks a clear plan for the country and will raise taxes on working families.

“When we have growth, it will be all over the country.”

The 135-page growth section says this will be achieved through stabilizing the economy, 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) sovereign wealth fund to invest in areas including the UK's steel and automotive industries, carbon capture technology and gigafactories.

Britain recorded growth of 0.6% in the first quarter of 2024, but fell into a shallow recession in the second half of last year as households and businesses faced severe inflation and tight financial conditions.

British Prime Minister and Conservative Party leader Rish Sunak said in a speech announcing the July 4 vote that inflation had now been tamed and that his government had cut workers' taxes, increased state pensions and cut taxes on investments.

The second speaker at the Labor event was Richard Walker, chairman of British grocery chain Iceland, who said only Labor could change Britain's “dismal trajectory of economic performance”.

“Wealth creation is my top priority,” 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-worker.”

tax row

In a debate earlier this month, Starmer pledged, like Sunak, not to increase value-added tax (VAT) or national insurance, the general tax on workers.

Debate followed Sunak's claim that Labor's policy would amount to a tax rise of ₹2,000 ($2,556) per household in the next parliament. Starmer called the claims “rubbish” and said they were based on “fake Labor policies”.

The Institute for Fiscal Studies, a think tank, criticized leaders from both parties for failing to be transparent about where they would cut public spending if they were to maintain their pledge to reduce Britain's net debt.

The Conservatives published their own manifesto on Tuesday, which calls for a two pence cut to National Insurance, the introduction of compulsory state services, halving migration and introducing a support program for first-time property buyers.

Over the past few years, opinion polls have shown significant Labor victories over the Conservatives, who have been in power for 14 years. National security is another area of ​​contention between the two parties, with Defense Secretary Grant Shapps claiming Labor would “turn Britain into an indefensible target”. Labor said it would “maintain an unwavering commitment to NATO and the nuclear deterrent and refocus on boosting the morale of our forces”.

Labor's move into the political center under Starmer has won approval from business leaders and financial markets, but has sparked controversy and divisions with the party's left.

According to a BBC report, the main union, Unite, refused to support Labor's manifesto over concerns it would not protect the rights and jobs of oil and gas industry workers.

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