We have a plan for a fairer economy, and the policies to make it happen. These can be broken down into different categories: Fairer Taxation, Sustainability, Democratising Services, Reducing the Deficit, Worker’s Rights and Investment
- Introduce a £10 per Real Living Wage
- An end to zero hours contracts.
- Reverse anti-trade union laws.
- Employee/Inclusive Ownership Funds: Transfer 10% of equity in all British firms with over 250 employees into worker owned and controlled funds over the next ten years.
- “Right to own” – give workers a right of first refusal when privately listed companies are being floated, sold, or closed.
- A National Investment Bank to provide infrastructure for long term funding for SMEs (Small and Medium Enterprises).
- A £250 billion ‘National Transformation Fund’ to create new high skill high pay jobs across the country, in key sectors of the future – Housing,
Technology, Renewable Energy and Infrastructure.
- Place the tax burden on those who can afford, not on those who can’t.
- Clamping down to on Tax Avoidance, raising up to £6.8 billion.
- Increased tax for the top 5% of earners with a 50% rate on income over £123,000.
- Increase in Corporation Tax in annual increments up to 26%.
- Labour will bring the railways and key utilities like energy and water back into public ownership.
- Labour will amend company law so that directors owe a duty directly not only to shareholders, but to employees, customers, the environment and the wider public.
- Labour plans involve not only bring these industries back into public ownership but will also work to ‘democratise’ the running of public industries giving employees a ‘right to own.’
- Workers can democratically play a part in the decisions regarding the running of the companies they work in, instead of these decisions being made by private elites.
- The climate crisis is one of the biggest issues facing the planet as whole. We need to build an economy that protects the planet.
- Develop a clean energy plan with 60% of power and heat from sustainable sources by 2030.
- Cut CO2 emissions by 45% by 2030.
- Create over 400,000 skilled new jobs in the sustainable energy industry.
- Ensure a fairer system of energy prices for homeowners, regaining control of an overpriced, inefficient and polluted system of energy supply.
- Austerity has damaged growth.
- Between 2010 and 2017 the Tories borrowed more than every single Labour Government combined.
- This coincided with the longest stagnation in wages since the Victorian times.
- At the same time Corporation Tax was cut from 28% to 19%, benefitting the richest companies.
- Public sector pay was frozen for two years then capped at 1% until 2017, meaning a real terms pay cut for nurses, teachers, firemen and all of our public sector workers for over seven years.
- Yet 84% of tax cuts announced in Hammond’s last budget will go to the top half of income distribution over the next year.
- In summary, the Tories have made the rich richer at the expense of the ordinary people of Britain. Even the IMF admit that is wrong: “increased inequality can erode social cohesion, lead to political polarisation, and ultimately lower growth”.