Balancing the Books

Labour’s manifesto is fully costed, with all current spending paid for out of taxation or redirected revenue streams.

Our public services must rest on the foundation of sound finances. Labour will, therefore, set the target of eliminating the government’s deficit on day-to-day spending within five years and is committed to ensuring that the national debt is lower at the end of the next Parliament than it is today.

Labour believes that government should not be borrowing for day-to-day spending but that future growth depends on investment.

Labour will make sure the country has:

  • a fairer tax system
  • an end to tax loopholes
  • no rise in income tax for those earning less than £80,000pa
  • no increase in VAT or NIC
  • a strengthened, truly independent Office for Budget Responsibility

Portsmouth Labour wants to build on this to develop a successful and diverse local economy, supporting small and medium enterprises (SMEs) and increasing full-time skilled employment opportunities. Some examples of how we can do this include:

  • addressing problems of high rents and business rates for SMEs
  • actively working to expand skilled apprenticeship opportunities in SMEs
  • ending zero hour contracts within Portsmouth City Council

If Labour councils around the country can do this, then why not Portsmouth.

‘Enterprising Barnsley’ is the economic development arm of Barnsley’s Labour City Council. Since formed, they have helped create 340 new businesses, attracted 40 companies to relocate and expand, created 4,000 jobs and provided support to 1,600 companies.

Our economy now, is suffering from years of neglect. Inequality has ballooned as it’s shifted towards low-paid, insecure jobs. Labour is determined to change this.

                   Delivering a fairer, more prosperous society for the many, not the few.

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