Over the last twelve years, our economy has been weakened by the Conservative Party mismanagement. Cuts, slow growth and stagnating wages have created a situation where the UK lurches from one financial crisis to another. April saw the economy shrink by 0.3% as the Government failed to introduce measures to tackle the cost of living crisis.

The Labour Party pushed for months for a Windfall Tax before the Conservative Government introduced it. We now need a longer-term strategy to stabilise the economy and provide security for the winter growth. Here’s what Labour would do in government:

  • Use the Windfall Tax to create a £600 million contingency fund to provide emergency support for businesses.
    • The support Labour promises to energy-intensive firms will help firms like Vauxhall in Luton struggling with energy rises.
  • Cut business rates for small and medium businesses.
    • It would help restore high streets across the UK.
  • Provide security for not only this winter but the long-term as well.
    • By insulating 19 million homes over the next ten years, households would save up to £400 a year.
  • Increase the energy produced in the UK.
    • It would allow us to increase the focus on renewable energy and protect the UK from fluctuations in global energy prices.
  • Implement a long-term strategy to improve the economy’s resilience.
    • Labour’s plan to buy, make and sell more in Britain will strengthen supply chains and work with businesses to improve jobs and wages.
  • Protect British firms.
    • A competition and takeover regime will provide more security to businesses, minimising the impact of a recession.
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