Income tax rate 45p on earnings of £80,000 and above. 50p rate to be reintroduced ... Reinstate the lower small-business corporation tax rate. Scrap ...
Labour Manifesto 2017: Creating an economy that works for all (p10-22). A summary “shopping list”: Any political party could comfortably claim the manifesto slogan, “Creating an economy that works for all”. We need to look beyond the grand gestures for the actual commitments. The summary below is supplemented with some figures in the first bullet point taken from a BBC summary and widely used by the rest of the media.
No increase in income tax for 95% of earners. No increase in NI contributions or VAT. Income tax rate 45p on earnings of £80,000 and above. 50p rate to be reintroduced on earnings above £123,000. Reduce Boardroom pay to move towards 20:1 gap between highest and lowest paid. Extra tax take in total £48.6bn, including £6.4bn from income tax from the top 5%, extra £19.4bn from corporation tax, £6.5bn from tax avoidance programme.
The deficit on day-to-day spending will be eliminated within five years.
Create a National Transformation Fund that will spend £250bn over 10 years in upgrading the economy. A National Investment Bank. Complete HS2 and Crossrail.
Reinstate the lower small-business corporation tax rate. Scrap quarterly reporting for businesses with a turnover of under £85,000.
Public ownership: Bring the railways back into public ownership as franchises expire. Regain control of energy supply networks through the a publicly owned, decentralised energy system. Replace water system with a network of regional publicly owned water companies. Reverse the privatisation of Royal Mail. Create at least one publicly-owned energy company in every region of the UK, with public control of the transmission and distribution grids.
Energy: Ensure that 60% of the UK's energy comes from zero-carbon or renewable sources by 2030. A ban on fracking. Nuclear power will continue to be part of the UK energy supply. Introduce an immediate emergency energy price cap to ensure the average dual fuel household energy bill remains below £1,000 per year.