Labour’s policy pledges so far would cost the equivalent of a 3p rise in income tax, our analysis shows PJTheEconomist warned: “It is hard to say how, without tax rises, they do anything more generous than is currently planned” 🔎 Big Read by HugoGye
earlier this year. The IPPR think-tank estimates the cost at almost £18bn, although taking into account the Government’s own childcare plans announced at the last Budget the net cost would be more like £13.6bn.
Sir Keir has said he wants to reduce rather than increase the overall tax burden, meaning that any rise in the basic rate of income tax is highly unlikely. Other ways to fund higher day-to-day spending without increasing borrowing could include raising business taxes, targeted personal tax hikes aimed at wealthier individuals, or a rise in VAT.
Ms Reeves and her deputy, Pat McFadden, have promised to maintain a fiscal framework similar to the current one, although with no annual limit on how much they can borrow for long-term capital investment. One senior party figure insisted its fiscal stance would not change, including when it comes to draw up its general election manifesto later this year. They said: “The only way we are going to be elected is if people trust us to manage the economy. Why would we stop our discipline now?”
A Labour spokesperson said: “The Tories have crashed the economy and have no plan for growth which does mean tough choices. But only Labour has the costed, forward-looking policies that will change the country for the better – it is clearer than ever that only Labour can build a better Britain.”Labour has three prongs to its tax-and-spend policy ahead of next year’s general election. First and most importantly, it will not borrow more to fund day-to-day spending.
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