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UK Labour manifesto: National Wealth Fund, tax stability, targeted measures on private schools, private equity and energy; pensions review, more prosecutors; CGT and council tax revaluation not ruled out

Published on: 13 June 2024

Published by a Law360 reporter
Legal News
Article summary

At the Manchester manifesto launch, the Labour leader pledged his administration would set up a National Wealth Fund capitalised at £7.3bn (US$9.3bn) across the next Parliament. Its purpose is to speed the shift to clean energy and support industry while drawing in private co‑investment alongside public funds. The fund’s remit would be clean power and industrial investment, targeting £3 of private capital for each £1 of state funding. A Labour administration would likewise undertake a wide-ranging review of pensions, including measures to lift workplace scheme investment into domestic markets. “This is a changed Labour Party with a plan for growth,” Starmer told delegates. “We are pro‑business and pro‑worker — the party of wealth creation.” He added that his party, polling 20 points ahead of the governing Conservative Party, reaffirmed prior commitments not to raise income tax, National Insurance or VAT if elected on 4 July 2024. Labour’s manifesto also restated that corporation tax would not go above its current level...

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