A Labour Promise

As far as General Elections go, the indications as to which party would succeed was fairly obvious from the off. The polls predicted a Labour win early on, and very little changed throughout.

And so, after 14 years in charge, the Conservatives are out and now it’s over to Keir Starmer and Labour to get the Country back on track.

So, what can we expect to see?

Change

Simple and to the point. The Labour Party did not mince their words when they titled their Manifesto “Change”.

They have made 6 areas their immediate priority:

• Deliver economic stability
• Cut NHS waiting times
• Launch a new Border Security Command
• Set up Great British Energy
• Crack down on antisocial behaviour
• Recruit 6,500 new teachers

What have the said about Tax?

Labour have said they will not increase taxes on working people, which includes National Insurance, basic, higher or additional rates of Income Tax, or VAT. They will cap corporation tax at the current level of 25%.

They have also said they will abolish non-dom status “once and for all”, replacing it with a modern scheme for people genuinely in the country for a short period. Continuing that theme, they will end the use of offshore trusts that allow people to avoid paying inheritance tax.

To help tackle tax avoidance they will look to modernise HMRC. This will include increasing registration and reporting requirements, strengthening HMRC’s powers and investing in new technology.

What else should we be aware of?

As you can imagine, there are many other elements that make up the details of their manifesto, in fact far too many to list here. Depending on the industry you are in, will impact which of the planned proposals may be good (or bad) for you.

You can however read about them here: https://labour.org.uk/change/kickstart-economic-growth/#small-business-self-employed

Summary

On the face of it the Labour manifesto delivers many positive stories. The question is, will they actually be able to deliver on these promises? The Labour Party certainly wouldn’t be the first Party to back track on promises. For now, it will very much be a case and let’s see what happens. The first Autumn statement will certainly be very interesting!

As always, if you have any questions, please get in touch. We’d love to hear from you.