20 Days Remaining

Wednesday 17th
posted by Lamiat Sabin in Britain

A £250 billion National Transformation Fund will be invested over 10 years in infrastructure — transport, energy, universal high-speed internet — as well as on scientific research and housing fit for the 21st century, the Labour manifesto says.

A separate estimated sum of £48.6bn funded by taxation on corporations and very wealthy individuals will be spent on education, health and social care, work and benefits and additional jobs.

National Education Service & Early Years

- Schools: increasing funding, free school meals and arts pupil premium — (£6.3bn).

- Skills: introducing free further education tuition, equalising 16-19 funding and restoring the education maintenance allowance — (£2.5bn).

- Childcare and early years including more money for SureStart — (£5.3bn).

- Removing university tuition fees and restoring maintenance grants — (£11.2bn)

Health & Social Care

- NHS funding including free hospital car parking, but excluding higher pay and capital expenditure — (£5bn).

- Social care — (£2.1bn).

- Restoring nurses’ bursaries — (£0.6bn)

Scotland, Wales, Northern Ireland

- Funding to Scotland, Wales and Northern Ireland through the Barnett formula — (£6.1bn).

Work & Pensions

- Scrapping bedroom tax, increasing carers’ allowance, more universal credit funding, PIP benefits, restoring housing benefit for under-21s — (£4bn).

- Doubling paternity pay and paternity leave — (£0.3bn).

- State pensions, including for those affected by changes to state pension age since the 1995 Pensions Act — (£0.3bn). 

- Introducing a minimum wage of at least £10 by 2020 with net fiscal benefits ring-fenced for small businesses — (nil).

- Recruiting an extra 10,000 police officers to work on community beats — (£0.3bn).

- Abolishing employment tribunal fees, recruiting more border guards, firefighters and tax staff — (£0.6bn).

Total Cost = £48.6bn

Here's how Labour will raise the money

- Corporation tax (£19.4bn).

- Income tax increases for the top 5 per cent of earners.

- Excessive pay levy on bosses paid more than 20 times their lowest-paid worker — (£1.3bn).

- Offshore company property levy — (£1.6bn).

- Labour’s tax-avoidance programme — (£6.5bn). nExtension of stamp duty reserve tax to derivatives and removal of exemption — (£5.6bn).

- Efficiency review of corporate tax reliefs — (£3.8bn).

- Reversing tax giveaways on capital gains tax, inheritance tax, bank levy and scrapping married persons’ tax allowance — (£3.7bn).

- Reversing tax giveaways on capital gains tax, inheritance tax, bank levy and scrapping married persons’ tax allowance — (£3.7bn).

- VAT on private school fees — (£1.6bn).

- Other: savings on discretionary housing payments from scrapping bedroom tax, soft drinks industry levy spend redirected from capital to revenue, higher-rate insurance premium tax on medical insurance, reform controlled foreign companies corporation tax regime — (£2.6bn).

- MINUS: Allowance made for additional behavioural change and uncertainty, reducing total tax take by £3.9bn