Labour to unveil ‘manifesto for wealth creation’ to kickstart economic growth

Keir Starmer will unveil Labour’s manifesto for the general election this morning with “ambitious plans to get Britain building again”.

At a launch event in Manchester, the Labour leader will say that economic growth is at the core of the party’s vision for national renewal and that “sustained economic growth is the only route to improving the prosperity of our country and the living standards of working people”.

Labour’s manifesto commitments will include plans to:

• restore economic stability with tough new spending rules, with a cap on corporation tax at 25% and a new industrial strategy to give businesses long-term certainty for investment decisions
• create a new National Wealth Fund to invest in the industries for the future
• launch Great British Energy to accelerate the transition to clean power
• develop a new ten-year infrastructure strategy and reform planning rules to build 1.5 million new homes
• introduce the New Deal for Working People to make work pay
• provide a new childcare offer and tackle health and mental health challenges to get people back to work
• “turbo-charge” the efforts of regional mayors with new powers over transport, skills, housing, planning and employment support
• reform the immigration and skills system to ensure Britain is developing home-grown skills

The manifesto is fully costed and fully funded and will contain a “tax lock for working people” – a pledge not to raise rates of income tax, National Insurance or VAT.

Keir Starmer said: “Some people say that how you grow the economy is not a central question – that it’s not about how much you create wealth, but how you tax it, how you spend it, how you slice the cake, that’s all that matters.

“This manifesto is a total rejection of that argument, because if you transform the nature of the jobs market, change the infrastructure that supports investment into our economy, reform the planning regime, start to unlock the potential of billions upon billions in projects that are ready to go, held up by the blockers of aspiration, then that does so much more to our long-term growth prospects.

“The same is true of our public services. If we could grow the economy at anything like the level the last Labour government did, that’s an extra £70bn worth of investment for our public services.

“Wealth creation is our number one priority. Growth is our core business – the end and the means of national renewal. The mandate we seek from Britain at this election is for economic growth.”

It comes after latest GDP figures revealed the UK economy flatlined in April due to a struggling retail sector, a drop in construction output and a downturn in manufacturing.

Labour’s manifesto is built around five national missions to end “sticking plaster politics” and meet the country’s long-term challenges. The party’s first steps for change include plans to deliver economic stability, cut NHS waiting times, launch a new Border Security Command, set up Great British Energy, crack down on antisocial behaviour and recruit 6,500 new teachers.

The manifesto launch will take place around 11am – LabourList will be bringing you all the latest from Manchester with a liveblog on our website.

Read more of our 2024 general election coverage here.

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