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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK
The Labour party manifesto(launch here) has, as expected confirmed that the party will "not increase National Insurance, the basic, higher, or additional rates of Income Tax, or VAT." As has been circulating in press this morning, no comment on the prospect of increases in capital gains, council (set by councils but increases capped by central gov't) taxes or fuel duty.
Headlines from the manifesto hit wires:
- Labour's fiscal rule: "Our fiscal rules are that: The current budget moves into balance, so that day-to-day costs are met by revenues, Debt must be falling as a share of the economy by the fifth year of the forecast."
- Labour 'will act to increase investment from pension funds in UK markets'.
- Labour 'will close loophole where private equity's performance-related pay is treated as capital gains'.
- Labour on energy and industry: 'will allocate GBP2.5bn to rebuild our steel industry', 'allocate GBP1.5bn to new gigafactories', provide 'GBP1.8bn to upgrade and build supply chains', and 'allocate GBP1.0bn to accelerate the deployment of carbon capture'. 'Labour will not issue new licences to explore new oil and gas fields'.
- Labour on foreign policy: 'Britain will stay outside the EU, but will reset the relationship with the EU', 'UK's financial, military and diplomatic support for Ukraine will remain steadfast' , 'Labour will bring long-term, strategic approach to managing relations with China'. Labour: 'Palestinian statehood is an inalienable right of the palestinian people...We are committed to recognising Palestinian state as a contribution to renewed peace process...Palestinian state is not in the gift of any neighbour'.
- Manifesto says Labour will remove the age bands so that all adults are entitled to the same minimum wage.
Chart 1. Labour Revenue/Spending on Public Services
Source: The Labour Party
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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