Key Points Of British Labour Party's Election Manifesto

Britain's Labour party launched their manifesto titled 'For The Many Not The Few' leading up to June's snap elections.

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Key Points Of British Labour Party's Election Manifesto

Jeremy Corbyn's manifesto speaks of nationalising railways, water companies and the Royal Mail (AFP)

Bradford:  Britain's opposition Labour party on Tuesday made a raft of spending promises in their manifesto for the June election, paid for by raising taxes on businesses and the well-paid.

Leader Jeremy Corbyn said the plan was fully financed, putting both the cost and revenues raised at 48.6 billion pounds ($62.6 billion, 56.6 billion euro).

Here are the key points:

Taxes

Increase income tax for people earning more than 80,000 pounds a year to 45 percent from 40 percent and introduce a new 50-percent rate for people earning more than 123,000 pounds.

Labour said this would only affect five percent of taxpayers and there would be no increase in sales tax.

Reverse planned cuts in corporation tax and take it back up to 26 percent by 2020.

Fine companies that give staff very high pay.

Clamp down on tax avoidance, review corporate tax relief, reverse cuts to inheritance tax, capital gains tax and the married persons' tax allowance.

Borrow 250 billion pounds to invest in infrastructure over ten years, including transport, energy, communications, housing and scientific research.

Spending

Nationalise water companies, railways and the Royal Mail postal service, and take a public stake in the energy sector.

End the one-percent cap on public sector pay and increase the minimum wage to £10 an hour by 2020.

Increase funding in the state-run National Health Service (NHS), including free parking at hospitals, invest more in schools and expand free childcare.

Abolish university tuition fees and reintroduce state grants.

Reverse a number of welfare cuts, and maintain annual rise in state pension of at least 2.5 percent.

Build more than one million new homes, including at least 100,000 public homes a year. Cap rent rises and ban letting agency fees.

Recruit 10,000 more police officers, 3,000 more prison officers, 3,000 new firefighters and 500 more border guards.

Brexit

Aim for a new trade deal with the European Union that retains benefits of membership of Europe's single market and the customs union.

Immediately guarantee all existing rights for EU nationals living in Britain and secure reciprocal rights for Britons living elsewhere in the bloc.

Reject the threat of walking away from Brexit talks, saying that leaving with no deal would damage the economy and trade.

On immigration, a key issue of the Brexit campaign, accept that freedom of movement will end when Britain leaves the European Union.

On Scotland, oppose a second referendum on independence, as called for by the nationalist government in Edinburgh after the Brexit vote.

No change in sovereignty or status of Gibraltar after Brexit, and no return to a hard border between Northern Ireland and EU member Ireland.

Defence and foreign affairs

Commit to the NATO target of spending at least two percent of gross domestic product (GDP) on defence.

Support the renewal of the Trident nuclear deterrent, but work with international partners towards a nuclear-free world.

Maintain spending of 0.7 percent of GDP on international development

Immediately recognise the state of Palestine.

Work and climate

Introduce maximum pay ratios of 20:1 in the public sector and companies bidding for public contracts

Ban "zero hours" contracts to ensure workers have a guaranteed number of hours each week, and restore sectoral collective bargaining for trade unions.

Introduce four new public holidays.

Ban fracking and ensure 60 percent of energy comes from zero-carbon or renewable sources by 2030.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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