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Under Labour’s plans, 95 per cent of taxpayers will be guaranteed no increase in their income tax contributions, and everyone will be protected from any increase in personal National Insurance contributions and VAT. Only the top 5 per cent of earners will be asked to contribute more in tax to help fund our public services. We renew our pledge not to extend VAT to food, children’s clothes, books and newspapers, and public transport fares.
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<div style="font-size:170%;">'''95 per cent of taxpayers will be guaranteed no increase in their income tax contributions, and everyone will be protected from any increase in personal National Insurance contributions and VAT''' </div>
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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 UK corporation tax among the lowest of the major developed economies. In turn, we will meet the business need for a more skilled workforce with extra corporate tax revenues while contributing to education and skills budgets.
We will protect small businesses by reintroducing the lower small profits rate of corporation tax. We will also exclude small businesses from costly plans to introduce quarterly reporting and take action on late payments.
Labour will give HM Revenue & Customs the resources and skills necessary to clamp down hard on those unscrupulous few individuals and companies who seek to avoid the responsibilities that the rest of us meet.
=== Balancing the books ===
'''Our 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. We will also consult on implementing the recommendations of the Kerslake Review of the Treasury.
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