With the up-coming general election on May 7th, Labour released their Manifesto yesterday, stating the goal’s they wish to achieve should they gain power. The key pledges potentially affecting such professionals directly are as mentioned below. Labour leader Ed Miliband said: “In the last five years I have heard your stories, your hopes and your dreams.” “The fundamental truth that runs through this manifesto is that Britain will only succeed when working people succeed.” “It means a country where hard work is rewarded, with high skill, high wage jobs. An economy built on strong and secure foundations, where we balance the books. It means a Britain where everyone plays by the same rules, including those at the very top of our society.” Miliband’s message to businesses/employers: “We are a great commercial nation that has been at the centre of global trade for centuries. We have a long tradition of innovation and enterprise.” With implications for businesses and employers, Labour says it will, For Industry, Commerce and the Workplace:
- Ban recruitment agencies from hiring only from overseas.
- Crack down on rogue recruitment agencies by extending the remit of the Gangmasters Licensing Authority where there is evidence of abuse.
- Raise the National Minimum Wage to more than £8 an hour by October 2019.
On Tax, Labour says it will:
- Not increase the basic or higher rates of Income Tax or National Insurance.
- Not increase VAT, and will also not extend it to food, children’s clothes, books, newspapers or public transport fares.
- Introduce a lower 10p starting rate of tax.
On Tax Avoidance, Labour says it will:
- Introduce tougher penalties for tax abuse.
- Bear down on “disguised employment” (NOT disguised “self-employment” as Labour’s 10-point anti-avoidance plan says).
- Review the culture and practices of HMRC.
- Abolish ‘non-dom’ status.
The above are just some of the changes that Labour are pledging to introduce should they win the General Election, which is now less than a month away and to read the full 86 page manifesto, please click on the following link – http://www.labour.org.uk/manifesto/all