What the manifestos say about Economic policy

Ever wondered what the party manifestos actually say?? Ever tried to read them? It’s a real challenge!

I’ve read (well skimmed) through literally hundreds of pages of policies in the manifestos to save you the trouble!?

I’ve tried to extract directly the words used by the five main UK parties to describe their policies as they relate to business and classify them under headings to help you compare them

As you’d probably understand doing this fairly has been tricky. Extracting actual commitments and plans from hype, opinions and vague intentions isn’t always easy and neither is identifying and classifying the business policies. So please accept that I’ve had to make judgements even in doing that!

Economic policy

Labour

Deliver economic stability with tough spending rules, so we can grow our economy and keep taxes, inflation and mortgages as low as possible.

Kickstart economic growth to secure the highest sustained growth in the G7 – with good jobs and productivity growth in every part of the country making everyone, not just a few, better off.

Our approach is based on strong fiscal rules which will govern every single decision we make in government. 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.

We will strengthen the role of the Office for Budget Responsibility (OBR). Every fiscal event making significant changes to taxation or spending will be subject to an independent OBR forecast.

A strong, independent Bank of England – which will continue to target stable inflation of 2 per cent.?

We will embrace a new approach to economic management – securonomics – that understands sustainable growth relies on a broad base and resilient foundations.

A more active, smarter government that works in partnership with business, trade unions, local leaders, and devolved governments.

Labour will stop the chaos and support business through a stable policy environment – strengthening our economic institutions, and giving investors the certainty they need to fuel growth.?

Conservative

Fiscal rules of having public sector net debt falling and for public sector net borrowing to be below 3% of GDP in the fifth year of the forecast.

Lib Dem

Foster stability, certainty and con?dence by managing the public ?nances responsibly to get the national debt falling as a share of the economy and ensure that day-to-day spending does not exceed the amount raised in taxes, while making the investments our country needs.

Protect the independence of the Bank of England and keeping the in?ation target of 2%.

Ensure that all ?scal events are accompanied by independent forecasts from the O?ce for Budget Responsibility.

Green

We are prepared to borrow to invest. Allowing ourselves to be trapped in a self-imposed fiscal straitjacket is a false economy.

Reform

Bank of England Must Stop Paying Interest Commercial Banks on QE Reserves. This approach would save around ￡35 billion per year and has been endorsed by senior figures at Financial Times, New Economics Foundation, and IFS, as well as two former Deputy Governors of Bank of England.

Collect ￡ Billions in Unpaid Tax. HM Revenue and Customs failed to collect tens of billions in taxes last year due to understaffing and bad management. Improved HMRC competence would deliver lower taxes to British workers.

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