The Labour Party has promised will hold a referendum on whether to join the Euro if re-elected in...
The Labour Party has promised will hold a referendum on whether to join the Euro if re-elected into government, but much of its content will do little to inspite the financial services sector.
Having dissolved Parliament last week, it was only earlier this week that the party released its manifesto and, significantly, was last of the three major political parties to do so.
Promising to build on five key pledges of economics, schools, health, crime and families Tony Blair wants "a mandate to get on with the job".
Principal financial aims of the manifesto include extending the 10p tax band and freeze the basic or top rate of income tax, ensure the £7,000 limit for a cash and stock individual savings account and abolish the minimum funding requirement for occupational pension funds as well as reform pension fund management following the Myners Report.
Labour also promises to offer £1bn of tax cuts over the next five years in a bid to increase capital investment in urban areas, increase venture capital made available for creative industries and strengthen regional economies with venture capital funds.
As well as give the reformed Regional Development Agencies new powers, Labour said it will also introduce a research and development tax credit to promote business investment.
Hinting at its desire to keep interest rates low, Labour says it wants economic stability through "low mortgages" and "low inflation".
The minimum wage will increase to £4.20 by October of next year and a 'Savings Gateway' is to be created for people on lower incomes with any savings made matched by the Government.
The basic state pension will be increased to £77 by 2003 and a new Child Trust Fund will be introduced for every newborn - details of which were released a few weeks ago asking whether the industry should be consulted.
Cowardly, boring or sensible
Latest news and analysis
‘Most significant’ upgrade since launch
Changes happening over coming months
Had accepted British Steel business