The Labour Party has released plans to add £8.6 billion to the UK economy through tax raises. Here’s the full story.
Labour Releases Manifesto
Labour has released its manifesto ahead of the general election on July 4. The public and press have focused on one significant tax increase.
Billion Pound Tax Hikes
Labour has announced it will tax certain areas if the party wins the election, bringing in £8.6 billion to the UK economy.
Gradually Raising Economy
According to reports, the tax increase would gradually raise the economy, bringing £8.6 billion by the end of the decade.
Tax Hikes on Wealthy Residents
The tax hike will focus on wealthier areas of society, including business rates on private schools and crackdowns on tax avoiders.
NHS Funding in Focus
The manifesto announced a pledge to reimburse the multi-billion pound tax hike for funding the NHS.
Wealth Creation a Priority
Labour leader Sir Keir Starmer backed the tax pledge, claiming that the manifesto focuses on “wealth creation” after the Tories’ policies put strain on the working class.
Growing the Economy
Starmer insisted that “people are taxed too much already. What I want to do, my central mission, is to grow the economy.”
NHS Waiting Lists an Issue
NHS waiting lists are currently at their highest level since the pandemic, rising in the last year despite the Prime Minister’s claims.
Labour’s Economic Tactics
Labour argues that in order to fund public services such as the NHS, the economy has to grow, which can happen by allowing working-class citizens more wealth.
“No Surprises” on Tax
During the second TV debate, Sir Keir Starmer answered questions on Labour’s tax plans, suggesting that the manifesto would have “no surprises” on the subject.
Potential £70 Billion Added to Economy
“If we could grow the economy at anything like the level the last Labour government did, that’s an extra £70 billion worth of investment for our public services,” Starmer said.
Tories’ Tax Accusations on Labour
Labour must be careful about its plans for taxes after facing accusations from the Tories that they would be raising taxes by £2000 per household each year.
Starmer’s Denial of Tax Hikes
Sir Starmer categorically denies these claims and recently suggested he would not be taking tax advice from the Conservatives, who have hiked taxes on the working class in recent years.
Helping the Working Class
A Labour spokesperson recently argued that the Party wanted to help the working class rather than the wealthy, insisting that the majority would not be worse off.
No Tax Increases According to Labour
“We have said that we are not putting taxes up on working people – there will be no increase in VAT, in income tax, in national insurance,” the spokesperson said.
Debate Results Revealed
The public seemed to be on Labour’s side as the result of the second TV debate between Starmer and Prime Minister Rishi Sunak came in.
Sunak Loses Second Debate
The results showed that a rather tired and fed up looking Prime Minister only managed to get 36% of the votes after the debate had closed.
Starmer Secures Victory
This meant that Starmer secured the victory in the debate by some margin, compared to the first debate, where he was narrowly defeated by the Prime Minister.
Sunak’s PR Nightmare
Sunak has lost a great degree of public support this week after creating a number of disastrous scenarios for himself, including leaving a D-Day event early.
Targeting the Young Voters
Labour’s tax increase shows no fears of targeting the youth as voters as they look to break into the housing market and secure an economically sustainable future.
The post Who Pays the Price? Labour’s £8.6 Billion Tax Hike Breakdown first appeared on Now Buzz.
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