The economy has taken center stage in the UK general election as the Conservative and Labour parties argue their different stances. Chancellor Jeremy Hunt announced that he plans to cut National Insurance and reduce taxes for individuals earning between £100,000 and £125,000 per year as part of his economic agenda. Opposition leader Rachel Reeves has vowed to continue with fiscal restraint, insisting that she won’t “play fast and loose” with public finances.
However, the Institute of Fiscal Studies (IFS) has warned that the nation’s poor finances will cast a shadow over the election, regardless of who wins. Meanwhile, Keir Starmer, the leader of the Labour party, has faced criticism from the Unite union’s general secretary, Sharon Graham. She presented an accusation that his plan to protect workers’ rights had too many holes and exceptions — possibly leading to poor treatment of employees.
Sir Keir Starmer has been defending his unique workers’ rights offer while facing criticism from Graham. During the interview, he emphasized that his New Deal for Working People would be the largest improvement in working people’s rights in a generation. At the same time, Graham accused his plan of having “more holes in it than Swiss cheese.” The deal involves ending the controversial fire and rehire practice, which sees companies using threats of dismissal to force staff into compromised contracts.
The Conservatives continue to champion their economic policies, with Hunt declaring his intentions to cut National Insurance taxes and inheritance tax. The Chancellor described inheritance tax as “pernicious” and “profoundly anti-Conservative,” arguing that the tax discourages saving. While Reeves has promised fiscal restraint, promising “tough spending rules so we can grow our economy and keep taxes, inflation, and mortgages as low as possible.” The IFS issued a statement warning that the UK’s finances were in a precarious state, meaning the next government would have to implement severe spending cuts or raise taxes.
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