The growth created by Labour government's national investment plan,
underpinned by the responsible
economic management embodied in
Labour's Fiscal Credibility Rule,
will create good jobs, drive up living standards and improve the public finances.
THE RICHEST HAVE HAD HUGE TAX BREAKS BUT THAT HAS NOT MEANT ANY LESS CUTS
Only the top 5 per cent of earners will be asked to contribute more in tax to help fund our public services. Brings £6.4bn
Efficiency review of corporate tax relief will bring in £3.8bn.
Corporation tax in the UK is the lowest of any major developed economy. Our new settlement with business will ask large corporations to pay a little more while still keeping corporation tax among the lowest of the major developed economies. Brings in £19.4bn.
Excessive Pay Levy brings in £1.3bn.
Reversing tax giveways including bank levy, brings in £3.7bn.
VAT on private school fees, brings in £1.6bn.
Tax on private medical insurance brings in £2.6bn
Clawing back tax avoidance brings in £6.5bn
Offshore company property levy brings in £1.6bn.
These and other levies on the rich and big companies brings in around £48bn.
And lots more besides
Ban companies based in tax havens
bidding for government contracts
It's astounding that this isn't the case already. How on earth could anyone even attempt to justify taxpayers' cash being paid to companies based in tax havens for the purpose of dodging tax?
End sweetheart tax deals between HMRC and massive corporations
David Cameron (the son of a tax-dodger) repeatedly lied through his teeth about how serious he was about confronting tax-dodging, whilst allowing HMRC to concoct sweetheart deals with corporations like Google, Vodafone and Starbucks. One of the main reasons the corporate press are so strongly opposed to Jeremy Corbyn is that they know that unlike David Cameron, he's serious when he talks about clamping down on tax-dodging.
Stop major corporations ripping off their suppliers
Major corporations are withholding an astounding £26 billion through late payment, which is responsible for an estimated 50,000 small businesses going bust every year. The scale of this problem is so massive that it should be a national scandal, and Jeremy Corbyn is absolutely right to align himself with small businesses to defend their interests.
Reverse the Tory corporation tax cuts
Since 2010 the Tories have cut the rate of corporation tax for major multinational corporations from 28% to just 17% (by 2020) meaning the UK has one of the lowest corporation tax rates in the developed world.
The global average is 27% and the G7 average is 32.3%.
Theresa May has already threatened to lower the corporation tax even further to turn post-brexit Britiain into a tax haven economy, Jerremy Corbyn's Labour is proposing to do the opposite and increase corporation tax rates so they're more in line with the rest of the developed world.
BALANCING THE BOOKS
Labour's manifesto is fully costed, with all current spending paid for out of taxation or redirected revenue streams.
Our public services must rest on the foundation of sound finances.
Labour will therefore set the target of eliminating the government’s deficit on day-to-day spending within five years.
But government must have a laser- like focus on how we earn, as well as how we spend.
At the same time as eliminating the current deficit, Labour will invest in our future, to ensure faster growth and help us to earn
our way as a country again.
To maintain good fiscal health, we will have a firm rule in place to guide all our taxation and spending decisions.
Our Fiscal Credibility Rule is based on the simple principle that government should not be borrowing for day-to- day spending, but that future growth depends on investment.
It was designed in conjunction with world- leading economists.
It also means we are committed to ensuring that the national debt is lower at the end of the next Parliament than it is today.
Compliance with the rule will be overseen by a strengthened and truly independent Office for Budget Responsibility, which we will make accountable to Parliament.
RICH GET RICHER,
BUT CUTS ARE STILL MADE BY
WHO HAD THE LIB DEMS COALITION
Our public services have been driven into crisis, even as this government has slashed taxes for the rich.
We live in the fifth richest economy on the planet, but that wealth is held in the hands of the few.
One million vulnerable elderly people are going without the care they need.
And yet this is a country with huge potential.
Under the Conservatives, Britain has become the only major developed economy where wages have fallen, even when the economy has grown.
PROMISES FULLY COSTED
Every spending commitment is fully costed. Every source of funding is explained.
Labour's most comprehensive costing exercise provided by any political party at an election in recent times.
Every spending commitment Labour have made overseen by an independent Office for Budget Responsibility.
By creating a fairer system of taxation, tackling tax evasion and avoidance, and encouraging a fairer tax system, Labour government would be able to rebuild our NHS, social care, education and other services.
MY NOTE - LABOUR HISTORY
Labour's Attlee inherited 200 per cent national debt from the cost of the 2nd world war. He began the cradle to grave welfare state, Attlee with Nye Bevan began the NHS,
kept on paying women's state pension at 60 reduced from 65 during the war in 1940
and so much more besides.
In just 1 parliament he paid off HALF THE NATIONAL DEBT.
POVERTY IN UK IS OFFICIALLY SOMEONE LIVING ON INCOME BELOW 40 PER CENT OF THE AVERAGE WAGE
The average in UK is around £30,000 a year.
..."ONS warned Britain has the 12th-highest poverty rate of the 28 countries in the EU - despite being the second-richest country after Germany."...(Source Link)