Labour’s ‘Triple Lock’ Tax Promise: No Hikes on Big Three Taxes for Five Years

Labour commits to not raising major taxes under 'triple lock' guarantee

To counter the Conservative's controversial assertion that Labour would raise taxes by £2,000, Sir Keir Starmer plans to solidify a promise in the party's manifesto to keep income tax, national insurance, and VAT unchanged for the next five years.

Sunday, June 9, 2024, 1:

Labour has pledged to keep income tax, national insurance, and VAT rates unchanged for the next five years should they emerge victorious in the upcoming general election.

Earlier this week, Shadow Chancellor Rachel Reeves announced that they do not plan to increase taxes, just before the anticipated release of Labour's manifesto this Thursday.

Labour has committed to implementing a "triple lock" safeguard on the three major taxes throughout their initial term in office.

This implies that if Labour emerges victorious in the July 4th election, they will have to implement budget reductions or identify alternative tax increases.

The Institute for Fiscal Studies (IFS) has cautioned both the Conservative and Labour parties that their fiscal strategies could lead to significant reductions in spending, noting that neither party appears committed to the fundamental goal of reducing national debt.

In its evaluation of election campaigning, the Institute for Fiscal Studies (IFS) indicated that projections show the next chancellor, by this fall, would be "lucky" to achieve the fiscal goal of reducing debt between the fiscal years 2028/29 and 2029/30.

This is a goal that both the Labour Party and the Conservative Party have pledged to achieve.

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As the election campaign extends into its third week and the Tories unveil fresh initiatives in an effort to close a significant gap in the polls, Ms. Reeves has slammed the Conservative's proposals as "fantastic."

She criticized the Conservatives for adopting strategies similar to those of Jeremy Corbyn, as stated in The Sun: "The path the Conservatives are currently following mirrors that of Jeremy Corbyn – and I completely disapprove of it.

"I won't present you with an unrealistic agenda that promises things we can't deliver. I'll never engage in that."

Further reading: Labour pledges to create numerous new spots in prisons. Sunak states that overhauling welfare is a 'moral quest.' Conservatives aim to reduce stamp duty for first-time home purchasers.

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The recent assault might provoke the ire of the Labour Party's left wing, who are eager for increased spending pledges.

The Conservative Party was prompt in highlighting that Ms. Reeves, who has been an MP since 2010, actively supported Mr. Corbyn’s platform during both the 2017 and 2019 general elections.

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