Thursday, September 28, 2023
HomeEconomyAiming at government, UK Labour unveils plans for national wealth fund

Aiming at government, UK Labour unveils plans for national wealth fund

Elizabeth Piper and Andrew McAskill

LIVERPOOL, United Kingdom (Reuters) – Britain’s Labour Party will unveil on Monday its plans to set up a national wealth fund to invest in green projects , which will benefit the public, is part of the Opposition’s response to the Conservative government’s approach to tax cuts.

At their annual meeting, Labour lawmakers at the 2019 election feel they can now offer voters a real choice as the government announces a A “growth plan” that largely put tax cuts in the hands of big business and the wealthiest.

The so-called small budget has created a divide between Prime Minister Liz Truss’ Conservative Party and Keir Starmer’s Labour Party, who want to capitalize on expectations in 2024 to prove his team is ready to take the stage.

Labour’s head of fiscal policy, Rachel Reeves, will tell a conference in the northern UK city of Liverpool that Labour wants to use national wealth similar to Norway and Singapore funds Funds to “build British industry”, with an initial £8bn ($8.7bn) earmarked for green projects.

“Because of the conference, when I say I want to buy, manufacture and sell more products in the UK, I mean it,” she will say, according to an excerpt from her speech.

“This is a real growth plan,” she will say, taking aim at a “growth plan” proposed by Finance Minister Quasi Kwaten on Friday when Labour accused him of prioritizing the rich over the rich Workers have responded to rising prices by turning to the infamous theory of “trickle-down economics”. Effective but also helping low-income earners and protecting public services, a source close to the leadership said.

Kwarteng scrapped the country’s top income tax rate and scrapped plans to raise corporate taxes, all on top of an extremely expensive scheme to subsidize energy bills for households and businesses, But there was little detail on how it was implemented

In response, GBP/USD fell more than 3% to its lowest level since 1985. The dollar also weakened against the euro and yen on Friday, while government bonds recorded their biggest one-day sell-off in decades.

On Sunday, Starmer pledged to reverse the removal of the top income tax rate and bring it back to 45%, saying tax cuts for the wealthy would not stimulate growth.

Labour’s climate policy chief, Ed Miliband, says Labour’s plan will bring jobs back to the UK.

The pockets of the British people. ”

($1=0.9211 pound)




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