Britain’s Rishi Sunak announces election promises

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British Prime Minister Rishi Sunak speaks during the launch of the Conservative Party’s general election manifesto at the Silverstone Circuit on June 11, 2024 in Towcester, United Kingdom.

Leon Neal | Getty Images News | Getty Images

LONDON – British Prime Minister Rishi Sunak has released his Conservative Party official election manifesto On Tuesday, help was announced for first-time homebuyers and more tax cuts were promised.

The pledges come as the Conservatives are set to deliver a thrashing to the rival Labor Party in the July 4 general election, with Sunak coming under personal fire several times during the campaign.

Sunak apologized for leaving D-Day commemorations in France early last week and is also accused of misleading the British electorate with claims that Labor would raise taxes by £2,000 ($2,547) per working household.

On Tuesday he pledged to cut a further 2p from National Insurance – a British tax on workers’ income – and reiterated his plan to bring back national service, which would require 18-year-olds to complete a 12-month training course. rounds. community program or a year-long period of military training.

He also said the Conservatives would like to halve migration and then “reduce it every year”, and also promised a Help to Buy scheme for first-time buyers amid Britain’s housing crisis.

Sunak and Labor leader Keir Starmer are both leading economic growth, the cost of living and taxes in their campaign messages. A victory for Labor would mean the first parliamentary majority in fourteen years. Opinion polls are in favor some time is already pointing towards a Labor victory in the general election, after Conservative ratings slumped following a series of scandals under former Prime Minister Boris Johnson’s term.

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Total tax cuts under the Conservative manifesto would gradually increase to £17.2 billion per year between 2029 and 2030. In an initial response to the manifesto, independent think tank the Institute for Fiscal Studies said the package is “ostensibly financed by cutting the projected social bill by £12 billion”, alongside other strategies such as a crackdown on tax avoidance.

“These are obvious giveaways paid for by uncertain, non-specific and apparently victimless savings. Forgive me for a degree of skepticism,” says Paul Johnson, director of IFS. said in the statement.

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-CNBC’s Jenni Reid contributed to this article.

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