Ed Miliband launches Labour’s Manifesto: a plan to secure the nation’s finances so we can improve family finances
Ed Miliband today unveiled Labour’s plan to reward hard work, share prosperity, and build a better Britain for working people where the next generation can do better than the last.
Instead of a list of unrealistic spending commitments, this Manifesto sets out Labour’s plan to secure the nation’s finances. Every policy in this Manifesto will be paid for without requiring any additional borrowing.
Launching the Manifesto in Manchester, Ed Miliband said:
“It does something different: its very first page sets out a vow to protect our nation’s finances; a clear commitment that every policy in this Manifesto is paid for without a single penny of extra borrowing. It isn’t a shopping list of spending policies.
“In recent days you have seen the Conservatives throwing spending promises around with no idea of where the money is coming from, promises which are unfunded, unfair and unbelievable.”
Labour is the only party to have their spending plans independently audited by the Office for Budget Responsibility before the General Election.
In future, Labour will make it compulsory for all major parties to have their spending and tax commitments independently audited before a General Election.
Where policies do cost money Labour has set out how they are paid for. These include:
- A £2.5bn NHS Time to Care fund in the early years of the next parliament paid for by a range of measures including a levy on tobacco firms and closing a hedge fund tax avoidance loophole.
- 25 hours of childcare for working parents of 3 & 4 year olds, paid for by increasing the banking levy by £800m.
- Smaller class sizes for 5, 6, & 7 year olds paid for by ending the Free Schools programme.
- Lower business rates for small business properties paid for by not going ahead with another cut to Corporation Tax.
Today Ed Miliband pledged that the first line of the Labour Government’s first Budget will be that it “cuts the deficit every year”. Labour will only lay Budgets before the House of Commons that deliver this commitment which will be verified every year by the Office of Budget Responsibility.