TL/DR –
The two front-running parties in the U.K.’s general election, the Labour Party and Conservative Party, have launched their manifestos detailing their plans if elected. The Conservatives, led by Rishi Sunak, are proposing tax cuts of £17.2 billion ($22 billion) funded by welfare spending cuts and tax evasion crackdowns, increased school spending, and methods for boosting first-time homeownership. Labour, led by Keir Starmer, plans to raise £8.5 billion ($10.9 billion) through tax increases, recruit 6,500 new teachers, invest more pension money in U.K. companies, and significantly cut NHS wait times.
As the UK’s general election looms, the leading parties, Labour and Conservative, revealed their promises on key areas like taxation, health care reform, housing, and education. Here’s a rundown of their policies.
Taxation: A Diverging Approach
The Conservatives intend to cut taxes, with Prime Minister Rishi Sunak pledging over £17.2 billion ($22 billion) in tax cuts, funded by welfare spending cuts and action against tax evasion. On the other hand, Labour’s Keir Starmer plans to raise approximately £8.5 billion ($10.9 billion) through tax hikes such as VAT and windfall taxes.
Education: Promoting Accessibility and Overhauling the System
The Conservatives aim to make education more accessible, introducing free schools for children with special needs and increasing school spending. Labour, on the other hand, plans to recruit 6,500 new teachers, funded by tax breaks given to private schools.
Housing and Pensions: Boosting Homeownership and Investing in Companies
The Conservatives plan to aid first-time homeownership and introduce a triple lock plus system for pensioners. In contrast, Labour pledges to invest more pension funds in UK companies with a National Wealth Fund.
Healthcare: Enhancing NHS Services
The Conservatives aim to increase NHS spending and recruit more medical professionals. They also plan to leverage artificial intelligence in hospital operations. On the other side, Labour’s Starmer plans to reduce NHS wait times, funded by tax avoidance measures and closing non-dom loopholes.
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