Election POLL: Which of Jeremy Corbyn’s Labour policies scare you the most? VOTE HERE
JEREMY CORBYN launched his election campaign last week as he looks to become the UK’s next Prime Minister but which Labour election policy scares you the most? THIS POLL HAS NOW CLOSED.
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Mr Corbyn appeared in Telford today where he insisted that he stands for politics which means to “share power and wealth with people”. Brexit has dominated the political discourse of late but the Labour Party has still put forward several policies which have received criticism, such as the proposal to initiate a four-day week and the scrapping of private schools. Mr Corbyn has demanded to deliver “real change” for the UK, so here are six key policy pledges explained.
Although the party has not officially launched its manifesto, this analysis is based on announced pledges from the party itself.
Income tax
If the Labour Party were to come to power, the rates of income tax will increase to 45 percent on income over £80,000.
For earnings over £125,000, there will be a 50 percent tax rate which exceeds the current highest tax rate which stands at 45 percent for incomes over £150,000.
For any staff earning more than £330,000 staff will have to pay a levy.
Inheritance tax
This year, Labour announced plans to reform inheritance tax, replacing it with what they termed as a “lifetime gifts tax”.
The current scheme allows up to £475,000 or £950,000 for couples to be passed on without being taxed.
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However, under Labour’s proposal, any amount above £125,000 would be taxed annually at the same rate as income tax.
Pensions
If Mr Corbyn comes to power, his party has announced that the state pension will increase to £175.20 a week.
However, Labour has also announced plans to hand 10 percent of shares from UK-base companies to workers over a decade which could see pension funds lose £31billion according to research from Clifford Chance which stated that currently, UK pension funds hold £310 billion.
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Some have also speculated that Labour’s plans to renationalise the certain industries could directly affect pensioners due to a report from the CBI which campaign manager for TaxPayers’ Alliance, Duncan Smith, quoted at “almost £200billion”.
Landlord crackdown
Under a Labour Government, the party would bring forward a plan to which would allow tenants in the private rented sector to buy their homes from the landlord.
Within the plan, a Labour Government would set the price of a reasonable fee to buy their home.
The party is aiming to tackle what the Shadow Chancellor termed as the “burgeoning buy-to-let market”.
Implementation of a four day week
Following their party conference in Brighton in September, the Labour Party announced plans to reduce the working week to four days (32 hours).
If the party comes to power, it will reduce the working within a decade while Shadow Chancellor, John McDonnell insisted that this proposal would not cause a “loss of pay” to workers.
Announcing the proposal, Mr McDonnell boasted that his party wanted people “to work to live, not live to work”.
A recent study by the Centre for Policy Studies revealed that the policy would cost the taxpayer £17billion a year.
Scrapping private schools
Under the Labour Party, private schools would be abolished and integrated into the state sector.