After last week’s leak of the Labour manifesto, the release of the final 128-page version adds details and costs to the policies already announced, as well as new commitments. There are specifics on the party’s tax plans, a pledge to renationalise the water industry, a promise of 30 hours’ free childcare, a new section on security and counter-terrorism, and tougher language on defence. A separate short document balancing fresh spending commitments with tax-raising pledges is significant in not including the costs of the big pledges to renationalise the railways, Royal Mail, the energy companies or the water industry. Instead, a short note on a new £250bn “national transformation fund” implies that these costs will be funded through capital borrowing. The most significant new measures of the final version: Income tax Top 5% of earners, those on more than £80,000 a year, to face a 45p marginal rate of income tax and a new 50% rate on earnings above £123,000 to raise £6.4bn a year. Pledges to not increase VAT rates or personal national insurance contributions. Scotland sets own tax rate. “Fat cats” levy. Analysis: The Institute for Fiscal Studies said lowering the threshold for the 45p rate from £150,000 to… Read full this story
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