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Labor is “very honest with the public” about its fiscal plans

Posted on by darion

The Labor Party summoned journalists to a venue in central London for a press conference, where Jones told them that “the threat to family finances from this chaotic Conservative campaign is now so serious that it must be exposed and put to an end.”

Labor organizers provided reporters with a 10-chapter document titled “Conservative Rate Hike.”

A Conservative Party spokesman described the document as “shoddy.”

In response to questions about the party’s economic policy should a government be formed after the general election, Jones said: “Rachel Reeves, the shadow chancellor, made it very clear yesterday that all our policies are fully funded and fully costly.

“The way we raise money to pay for this policy – these first six steps that the incoming Labor government will implement – is by closing the loopholes that we have identified, which is VAT on private schools, tax on private capital bonuses, closing loopholes in other countries, an energy profits tax on windfall profits in the oil and gas industry, and investments to combat tax avoidance in the system.

“None of our policies require further funding and that is why there is a commitment not to raise taxes in the manifesto at this election.”

Jones added that he wants to see the tax burden “reduce” in the next parliament.

He denied that there were plans to introduce a “wealth tax”.

Jones also denied that his party called the press conference to divert attention from headlines about Diane Abbott, the Hackney North veteran and MP for Stoke Newington, who may be banned from standing again – a claim denied by party leader Sir Keir Starmer.

In its analysis of the £70.87 billion black hole, Labor said an equivalent increase in debt could increase the average monthly mortgage repayment by £350 if interest rates rise as forecast.

Labor analysts have said the Conservative Party’s pledge to abolish National Insurance could cost £43.11 billion in 2025-26, rising to £46.47 billion in 2029-30.

However, Chancellor Jeremy Hunt said the abolition of National Insurance was an “aspiration” that needed to be achieved within the next parliament.

Jones said: “Take the example of abolishing National Insurance Contributions – Conservative Chancellor Jeremy Hunt made it very clear in the House of Commons. I sat and listened to him say that it was their policy to eliminate social security contributions.

“That’s £46 billion a year. Where will he get this money?

“He didn’t answer that question.”

In the spring Budget presented to the House of Commons, the Chancellor announced a 2p cut to National Insurance contributions and set out a “long-term ambition” to abolish it altogether.

A Conservative Party spokesman responded by claiming that Labor’s promises would result in “unfunded annual borrowing of £196.4 billion, hitting Britons with a 6.9% rise in interest rates”, although neither party has published the full manifesto.

They described the press conference as a “pathetic, desperate speech by the Labor Party trying to distract attention” from the row over Ms Abbott.

They said: “Now the Labor leader is embroiled in a he-said-she-said spat with a veteran Labor MP, throwing their limp campaign even further into a tailspin.

“Rather than issuing shoddy documents with made-up figures, Keir Starmer must explain why he has repeatedly lied about the status of the Diane Abbott investigation and when he plans to apologize to the British people.”