With just three weeks to go until the General Election, we’ll be taking an objective look at each party’s manifesto and their plans for the country, economy and the London housing market.
Our series starts with Labour, who were first to release their 124-page manifesto this week after a version was leaked last week.
Here’s our summary of Jeremy Corbyn’s bold plans ‘for the many not the few’ - a slogan taken from his predecessor Tony Blair…
A “Fair Taxation System” and a new ‘Land Value Tax’
- Labour “Guarantee no rises in income tax for those earning below £80,000 a year.” Under their manifesto plans, only the top 5% of earners will be asked to contribute more in tax to help fund public services.
- Their manifesto talks of a possible ‘Land Value Tax’ as a replacement for council tax and business rates. In other words, home owners would likely pay a tax based on the value of the house and businesses would pay a tax based on the value of their premises. According to economists, this could see a shift in property taxation towards wealthy property barons who own a significant amount of private land, with most people ending up paying less.
Build “genuinely affordable” homes to rent and buy, reserve homes for first-time buyers & give renters new consumer rights
- Labour’s manifesto states they intend to invest to build over a million new homes, prioritising brownfield sites and protecting against the greenbelt; “By the end of the next Parliament we will be building at least 100,000 council and housing association homes a year for genuinely affordable rent or sale.”
- The manifesto states they will not only build more, but better, ensuring they insulate more homes to help people manage the cost of energy bills.
- Trying to get on the property ladder? Labour intend to reserve “low-cost homes” for first-time buyers and guarantee Help to Buy funding until 2027.
- For tenants, Labour will “Introduce controls on rent rises” as well as landlord licensing and new consumer rights for renters.
A softer Brexit which focuses on “retaining the benefits” of membership
- Labour plans to scrap the Conservative’s White Paper and replace it with “Fresh negotiating priorities that have a strong emphasis on retaining the benefits of the Single Market and the Customs Union.”
- The party have put emphasis on providing certainty to EU nationals: “A Labour government will immediately guarantee existing rights for all EU nationals living in Britain and secure reciprocal rights for UK citizens who have chosen to make their lives in EU countries.”
- The party also plans to replace the proposed Great Repeal Bill with the EU Rights and Protections Bill which would protect workers’ rights.
Corbyn boldly promises to avoid privatisation of the NHS and bring it into the 21st century
- Jeremy Corbyn’s plans for the NHS, (Labour’s “Greatest achievement”), include setting up a new £250 million Children’s Health Fund and “immediately” guaranteeing the rights of EU staff working in health and care services.
- Labour is pledging £30 billion to cut existing waiting time targets, “Guarantee that patients can be seen in A&E within four hours” and end the 1% cap on nurses’ pay.
- How will it all be funded? Labour plan to increase income tax for the highest 5% of earners and increase the tax paid on private medical insurance.
“Dignity for pensioners” (including UK citizens living overseas in the EU or further afield)
- Counter to Conservative proposals, Labour pledges to halt the pension age at 66 by the end of 2020.
- Their manifesto also speaks of potential compensation to “Over 2.5 million women born in the 1950s (who) have had their state pension age changed without fair notification.
- The party also propose a Winter Fuel Allowance and free bus passes as universal benefits.
Labour plans to spend an additional £25.3 billion a year on education (more than half their projected spend)
- “Labour believes education should be free”, vowing to abolish university tuition fees and reintroduce maintenance grants for students.
“Freedom of movement will end when we leave the European Union”
- Labour doesn’t mention a cap on immigration levels, instead stating that “In trade negotiations our priorities favour growth, jobs and prosperity.”
- The manifesto promises that international students will not be included in official immigration figures.
Labour will complete the HS2 Line and build Crossrail 2 in London
- Labour believes the economy has been held back by a “Lack of investment in the backbone of a modern economy”, and plans to invest in transport communications and energy systems.
- To start, Labour will “Complete the HS2 high-speed rail line from London through Birmingham to Leeds and Manchester, and then into Scotland, consulting with and, where necessary, compensating communities.”
- London investors and those keen to benefit from capital growth will be pleased to learn that the party also plan to build Crossrail 2 to “ensure our capital continues to prosper
How do I register to vote?
Head to the Gov website to register to vote
How do I apply for a postal vote?
You can find out how to apply for a postal vote here
When is the General Election?
The General Election is on 8th June 2017
What do you think of Labour’s manifesto? Let us know in the comment box below!
We’ll be looking at the Conservatives' manifesto next, so stay tuned! Give us a call on 0207 099 4000 if you need any property advice - or click here for an instant property valuation.