Spend more, tax the rich: UK's Labour stakes election turf

The comments, representing a U-turn, were made during the launch of the UK Labour's General Election manifesto which takes place today (Tuesday 16 May) in Bradford and saw Scottish Labour leader Kezia Dugdale join the UK party's leader.

Critics say the move leftwards stirs memories of the party's 1983 manifesto, described then by a Labour lawmaker as "the longest suicide note in history" for helping the Conservatives, and some haved questioned how the party can fund its programme.

"People want a country run for the benefit of the many, not the few", he said.

He suggested Prime Minister Theresa May's Conservatives, who have promised to liberalize financial and trade rules and court foreign investment from major economies outside the European Union after Brexit, would lead a "race to the bottom". "Labour's mission, over the next five years, is to change all that".

It is a programme for "real change" to respond to "a growing sense of anxiety and frustration" among many British people, he said.

The party would also introduce a financial transactions levy and raise income tax for the top 5 percent of earners, adding a new top rate of 50 percent for people earning 123,000 pounds plus a year.

Labour said the total extra tax take, which also includes corporation tax rises and a crackdown on tax avoidance, would be 48.6 billion pounds.

Its manifesto outlines pledges to nationalise water, energy, railways and the Royal Mail, pump £6 billion a year into schools and £7 billion into health and social care, and scrap university tuition fees.

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Britain's opposition Labour Party pledged to raise taxes on the well-off, renationalise key industries and end austerity in its manifesto on Tuesday, presenting voters with their starkest choice in decades in next month's election.

The Guardian reported that the party was also planning a levy on businesses with staff earning large salaries, set at 2.5 percent on those earning over £330,000 and 5.0 percent on those earning more than £500,000.

Employers will foot the bill as opposed to workers.

Well it could be good news for Jeremy Corbyn, his policies (from the leaks manifesto) are proving popular.

"It's ordinary working people who will pay for the chaos of Corbyn", Treasury Chief Secretary David Gauke said in a statement. Britain goes to the polls on June 8 to elect a new parliament in a general election.

Scottish Labour has been under pressure due to poor results in the local elections which saw them yield control of Glasgow City Council for the first time in 40 years and come second behind the Scottish Tories in the national number of councillors.

In another bleak assessment, it suggests that just two regions, the North East and London can be shaded in red for Labour, with the North West seeing Labour and the Conservatives neck and neck.

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