Online College and University Degree Guide
| The economy is bound to
figure in the 2005 British election.
Though at time of writing, no manifestos had been published, where do Labour,
the Conservatives and the Liberal Democrats stand on issues relating to the
economy?
| Labour |
Labour
plan to raise public spending to £95 billion by 2011 with the greatest
share going to health and education. £21.5 billion is planned to be
saved in government spending by saving on "waste". As many as
80,000 Civil Service
jobs could go. The Labour Party plan to remain "prudent". Some
tax specialists believe that Labour will have to increase tax (either
'obvious' tax targets or introduce more stealth taxes) after the
election to fulfill all that they have promised. |
| Conservative |
The
Conservatives claim that they will increase public spending but at a
slower pace than the Labour Government. They claim that they will peg
spending on education, health, transport and international development.
Spending on pension, the police and defence will all rise. The jobs of
235,000 bureaucrats will go and in the first budget of a Conservative
government, there would be a £4 billion cut in taxes with £1.3 billion
going on a Council Tax rebate for pensioners. |
| Liberal
Democrats |
The
Liberal Democrats are in reasonable agreement with Labour's plans for
public spending. However, they will increase the rate of taxation paid
on those who earn more than £100,000 who will pay 50% income tax. This
will raise £2.5 billion. The party would increase the £21.5 billion
saved in waste envisaged by Labour by abolishing the Department of Trade
and Industry. |
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