A new Labour Government: What to expect

The votes have been counted, and after weeks of fervent campaigning, heated debates, and no shortage of controversy, Kier Starmer and his team have come out on top. The UK now finds itself under a majority Labour government. So, what are the new laws and policies likely to be?

The Labour Party’s Manifesto 2024

Economic Growth and Stability

Implement stringent spending regulations, limit corporate tax to a maximum of 25%, and establish a National Wealth Fund to invest in emerging industries. Modify planning regulations to facilitate infrastructure development and transfer powers to local authorities to stimulate local economic growth.

Healthcare Improvements

Reduce NHS waiting times by providing 40,000 additional evening and weekend appointments weekly. Hire 8,500 new mental health professionals and increase the number of advanced MRI and CT scanners. Establish neighbourhood health centres to offer a range of healthcare services in one location.

Energy and Environment

Create Great British Energy, a state-owned clean energy company, to lead the shift towards renewable energy and position Britain as a clean energy leader by 2030. Enforce strict regulations to prevent water companies from polluting the environment.

Education Reforms

Hire 6,500 new teachers, focusing on subjects with shortages. Close tax loopholes for private schools to fund mental health support in schools. Reform Ofsted and enhance the curriculum to better prepare students for future challenges.

Crime and Policing

Enhance neighbourhood policing with 13,000 additional officers and PCSOs. Establish specialized units to handle domestic abuse and rape cases. Focus on preventing youth crime through a national network of youth hubs.

Immigration and Border Security

Set up a Border Security Command to address people smuggling and clear the asylum backlog. Use counter-terrorism strategies to combat organised crime and reduce reliance on hotels for housing asylum seekers.

Key Tax Measures

Labour aims to generate an additional £8.6 billion in tax revenue to enhance funding for public services.

Non-Dom Tax

Anticipated to raise £5.23 billion by tightening rules around non-dom status and minimising tax avoidance.

Private Schools and Business Rates

Introducing VAT and business rates on private schools, projected to raise £1.51 billion.

Windfall Tax on Oil and Gas

Imposing a windfall tax on oil and gas companies, expected to generate £1.2 billion.

Property Tax for Non-Residents

Increasing stamp duty by 1% on residential properties purchased by non-UK residents.

Labour also pledges to maintain the current rates of income tax, National Insurance, corporation tax, and VAT. Additionally, they plan to modernise HMRC, enhancing its capabilities to improve tax compliance and reduce avoidance. Subsequent reports have indicated potential additional tax measures not included in the manifesto, such as increases in Capital Gains Tax on private homes, taxation on company pension contributions, and significant hikes in Inheritance Tax.

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