What do we know about Labour’s plans for the economy?
What do we know about Labour’s plans for the economy? The short answer is, its more of the same. In fact, some business leaders and economists have accused the government of damaging confidence in the economy by presenting a gloomy picture.
But in reality austerity is here to stay, as Labour policies will hit hard for the worse-off in society. Stamrer is keen to appease businesses and shake off the Socialist Labour image.
Former Bank of England chief economist Andy Haldane warned the government’s approach had generated “fear and foreboding” and uncertainty among consumers, businesses and investors. Labour aims to create a rapport with business leaders at the expense of the average taxpayer.
Here’s a list of the key policies from Labour
- Starmer slashed Labour’s flagship green spending plan from £28bn annually to just £4.7bn
- Curating private investment by providing incentives and subsidies for businesses at the expense of winter fuel cuts for pensioners.
- Short-termist fiscal rules to allow higher public investment that would drive growth with long term costs.
- Re-evaluate public sector net financial liabilities potentially to sell more off like the national wealth fund and GB Energy to ease the balance sheet pressure, allowing labour to borrow 13bn more.
- No more winter bursaries as the government wants to ensure inflation keeps dropping.
- The OECD expects Britain’s GDP to expand by 1.2 per cent in 2024 and 1 per cent in 2025 a drop from higher expectations.
- Keir Starmer’s U-turn on promised tax crackdown on non-doms – because it will make add no money to the treasury as wealthy people could either leave Britain or find ways to avoid the clampdown.