Labour Party’s bold UK election promises: NHS, economy, defence and energy

By Vivek Dubey

CNBC-TV18.com

Published July  04, 2024

Economic Growth

Labour's priority is sustained economic growth through a pro-business, pro-worker approach, ending short-term economic policies with a new industrial strategy.

National Wealth Fund

A £7.3 billion National Wealth Fund will attract private investment to support growth and clean energy, aiming for a 3:1 private-to-public investment ratio.

Balanced Budget

Labour commits to no austerity, ensuring a balanced budget by meeting day-to-day costs with revenues and reducing debt as a share of the economy by year five.

Tax Stability

No tax hikes for working people. Labour pledges no increase in basic, higher, or additional income tax, National Insurance, or VAT rates, capping corporation tax at 25%.

NHS Improvements

Plans to cut NHS waiting times include 40,000 more weekly appointments, out-of-hours incentives, resource pooling and increased private sector capacity usage.

Health Workforce Expansion

Labour aims to train more family doctors, guarantee face-to-face appointments, add 700,000 urgent dental slots and introduce supervised tooth-brushing for young children.

Defence Spending Boost

Labour plans to increase defence spending to 2.5% of GDP, launch a Strategic Defence Review and prioritise UK businesses in defence procurement.

Immigration Reform

Labour will reduce net migration, reform the points-based system, scrap the Rwanda asylum plan and hire more caseworkers to clear the asylum backlog.

Clean Energy by 2030

Labour targets clean power by 2030, doubling onshore wind, tripling solar power, quadrupling offshore wind and creating state-owned Great British Energy.

Educational Enhancements

Labour will recruit 6,500 teachers in key subjects, fund free breakfast clubs in primary schools and open 3,000 nurseries to expand childcare availability.

Constitutional Changes

Plans to lower the voting age to 16, reform the House of Lords by removing hereditary peers and replace it with a more representative second chamber.