By Vivek Dubey
CNBC-TV18.com
Published July 04, 2024
Labour's priority is sustained economic growth through a pro-business, pro-worker approach, ending short-term economic policies with a new industrial strategy.
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.
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.
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%.
Plans to cut NHS waiting times include 40,000 more weekly appointments, out-of-hours incentives, resource pooling and increased private sector capacity usage.
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.
Labour plans to increase defence spending to 2.5% of GDP, launch a Strategic Defence Review and prioritise UK businesses in defence procurement.
Labour will reduce net migration, reform the points-based system, scrap the Rwanda asylum plan and hire more caseworkers to clear the asylum backlog.
Labour targets clean power by 2030, doubling onshore wind, tripling solar power, quadrupling offshore wind and creating state-owned Great British Energy.
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.
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.