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Labour Party Vows to Increase Business Investment and Crack Down on Fraud Ahead of National Election

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The Labour Party has announced a series of policies at their annual conference in Liverpool, outlining their plans to increase business investment, revamp the energy infrastructure, and tackle fraud. With a national election expected next year, the party is aiming to solidify its policy platform.

One of the key pledges made by Labour is to raise business investment as a share of economic output from 10% to 11%. To achieve this, they plan to establish a national wealth fund that will leverage private investment. This initiative aims to stimulate economic growth and create more opportunities for businesses in the UK.

In terms of industry, Labour has proposed fast-tracking planning processes for priority growth areas such as battery factories and 5G infrastructure. By streamlining these processes, the party aims to support the development of crucial industries and promote technological advancements in the country.

Labour has also set its sights on addressing tax loopholes. They plan to replace the “non-dom” taxpayer status, which currently allows wealthy individuals to enjoy tax-free status on foreign earnings for up to 15 years. Researchers estimate that this change could generate more than £3.2 billion in tax revenue annually.

Furthermore, Labour has taken aim at fee-paying schools. They intend to charge Value Added Tax (VAT) on these schools and impose full business rates on those in England. This move aims to create a fairer tax system and ensure that resources are allocated more equitably within the education sector.

The party has also pledged to cut government costs by cracking down on ministers’ use of private jets and reducing spending on consultants. They plan to appoint a COVID corruption commissioner to recover funds lost to waste, fraud, and flawed contracts during the pandemic. These measures are estimated to save the government £4 billion.

Labour’s commitment to infrastructure development is reflected in their proposal to establish a cross-departmental infrastructure acceleration unit. This unit will be responsible for ensuring that national infrastructure projects are delivered on time and within budget. This announcement comes after the government recently canceled the northern leg of the expensive HS2 high-speed rail project.

In terms of healthcare, Labour has promised to invest an additional £1.1 billion to provide NHS staff with overtime pay for evening and weekend shifts. This investment aims to reduce hospital waiting lists by enabling an extra 2 million operations to be performed within the party’s first year in office.

Education is another key area of focus for Labour. They plan to transform existing further education colleges for 16-18 year-olds into Technical Excellence Colleges. This move aims to align skills and training more closely with the needs of employers, better equipping young people for the job market.

Finally, Labour has highlighted the importance of protecting the environment. They intend to give the water regulator Ofwat the power to ban bonuses for water bosses who are found to be polluting rivers, lakes, and seas with significant levels of raw sewage. This initiative aims to ensure that water companies prioritize environmental responsibility.

With these policies, Labour aims to present a comprehensive plan for economic growth, social reform, and environmental protection. As the party gears up for the upcoming national election, they hope to gain the support of the public by addressing key issues and offering tangible solutions.

More detail via Investing.com UK here… ( Image via Investing.com UK )

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