Manifesto 2019:Manifesto Economy: Difference between revisions

Click [[Manifesto|here]] to go to main manifesto page

 

Our manifesto for a better, fairer Britain

 

Use the buttons below to explore our manifesto and find out how we’ll build a country that works for the many.

 

We will measure our economic success not by the number of billionaires, but by the ability of our people to live richer lives.

 

It is a plan that will deliver Labour’s vision of an economy that works for the many, not just the few – a Britain in which no one is held back.

 

Taxation is what underpins our shared prosperity. All of us, including business, benefit from a healthy, educated and skilled population, with access to basic services and secure housing.

 

 

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.

'''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.'''

 

 

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.

'''Our country and its people have been held back by a lack of investment in the backbone of a modern economy – the infrastructure of transport, communications and energy systems. And when investment has happened, it has been too concentrated in too few places.'''

 

 

We will deliver universal superfast broadband availability by 2022. Labour will improve mobile internet coverage and expand provision of free public wi-fi in city centres and on public transport. We will improve 4G coverage and invest to ensure all urban areas, as well as major roads and railways, have uninterrupted 5G coverage. On day one we will instruct the National Infrastructure Commission to report on how to roll out ‘ultrafast’ (300Mbps) across the UK within the next decade.

'''Our economy is suffering from years of neglect by governments that have refused to support our industries, businesses and workers. This wasted potential is holding us all back. Inequality has ballooned as the economy has shifted towards low-paid, insecure jobs.'''

 

 

We will appoint a Digital Ambassador to liaise with technology companies to promote Britain as an attractive place for investment and provide support for start-ups to scale up to become world-class digital businesses. Our Digital Ambassador will help to ensure businesses are ready to grow and prosper in the digital age.

'''A decade after the devastating international financial crisis, our financial system is still holding back too many of our small businesses and local economies.'''

 

 

Britain has a successful international finance industry, but we also need a strong, safe and socially useful banking system to meet the needs of our own regional economies and communities. We will commit to creating a more diverse banking system, backed up by legislation.

'''The majority of businesses play by the rules: they pay their taxes and their workers reasonably and on time, and they operate with respect for the environment and local communities. That is why it is vital that government ensures that businesses doing the right thing are rewarded rather than undercut or outbid by those unscrupulous few that cut corners, whether on taxes, workers’ conditions, environmental standards, or consumer safety and protection.'''

 

 

Yet this Conservative Government has taken small businesses for granted. Labour is the party of small businesses. We understand the challenges our smaller businesses face. In order to provide the support many small businesses need, a Labour government will:

* Mandate the new National Investment Bank, and regional development banks in every region, to identify where other lenders fail to meet the needs of SMEs and prioritise lending to improve the funding gap.

 

We will also bring forward legislation to create a proper legal definition for co-operative ownership. The National Investment Bank and regional development banks will be charged with helping support our co-operative sector. Labour will aim to double the size of the co-operative sector in the UK, putting it on a par with those in leading economies like Germany or the US.

Britain is a long-established democracy. But the distribution of ownership of the country’s economy means that decisions about our economy are often made by a narrow elite. More democratic ownership structures would help our economy deliver for the many and lead to a fairer distribution of wealth.

 

Public ownership will benefit consumers, ensuring that their interests are put first and that there is democratic accountability for the service.

 

'''Labour’s energy policy is built on three simple principles:'''

* To ensure the security of energy supply and ‘keep the lights on’.

 

Currently, the UK buys and sells energy tariff-free from Europe, an arrangement which saves families and businesses money and helps balance the power grid. As part of the Brexit negotiations, Labour will prioritise maintaining access to the internal energy market. Labour will also retain access to Euratom, to allow continued trade of fissile material, with access and collaboration over research vital to our nuclear industry.

 

= Link to full manifesto (PDF) =