The British Labour Party is aiming for a landslide election victory and has promised "wealth creation.".

 Important Points 

• The Labour Party of Britain declared on Thursday that it would prioritize "wealth creation" and be "pro-business." 
• A new publicly owned energy company, a ban on granting new North Sea oil and gas licenses, shorter wait times for patients in the overburdened National Health Service, and renationalization of most passenger rail services are among the party's main platform promises.
•  The Conservatives unveiled their own manifesto on Tuesday, promising to slash 2 pence from National Insurance, make national service mandatory, cut immigration in half, and launch a first-time home buyer assistance program.

LONDON: As it unveiled its manifesto on Thursday, the left-leaning Labour Party of Britain—which is predicted to win the forthcoming national election—said it would be “pro-business” and give “wealth creation” top priority. A new publicly owned energy company, a ban on granting new North Sea oil and gas licenses, shorter wait times for patients in the overburdened National Health Service, and renationalization of most passenger rail services are among the party's main platform promises.

At a Manchester, England, launch event, Labour leader Keir Starmer declared, "Economic growth and social justice must go hand in hand," referring to it as a "manifesto for wealth creation, a plan to change Britain." Starmer asserted that labor policies are "fully costed" and that "you can't play fast and loose with the public finances." The party has previously called attention to most of the manifesto, which includes pledges to close a "tax loophole" for private equity investors, eliminate tax breaks for independent schools, and raise windfall taxes on oil and gas companies.

The party has previously called attention to most of the manifesto, which includes pledges to close a "tax loophole" for private equity investors, eliminate tax breaks for independent schools, and raise windfall taxes on oil and gas companies. It outlined plans to raise £7.35 billion ($9.4 billion) by 2028–2029 to finance public services by eliminating tax breaks for independent schools, closing what has been called a “tax loophole” for private equity investors, and raising taxes on non-UK residents' purchases of residential properties. Additional tax loopholes on so-called non domiciled individuals and tax avoidance were also to be closed. It declared that it would raise an additional £1.2 billion and £3.5 billion for green initiatives by imposing a “time-limited windfall tax” on oil and gas companies.

In addition, the party said that it would accept statehood for the Palestinian people, referring to it as "the inalienable right of the Palestinian people." Following months of disagreement within the party on how to respond to the Israel-Hamas war, the promise was made. Angela Rayner, the deputy leader of Labour, remarked at the launch event, "We cannot afford five more years of high tax, low growth, and broken Tory promises," a reference to the current Conservative Party. The Conservatives contend that Labour will tax working families more and lacks a clear national policy. "Every region of the nation will see growth when we achieve it," Raynor declared.

The 135-page manifesto's growth section stated that a new industrial strategy, planning regulations to allow for the construction of 1.5 million additional homes, and economic stability will be used to achieve this. Additionally, it declared that it would establish a £7.3 billion National Wealth Fund to finance investments in gigafactories, carbon capture technology, and the automotive and steel sectors in the United Kingdom. Despite posting 0.6% growth in the first quarter of 2024, the United Kingdom entered a shallow recession in the latter half of last year due to high inflation and more stringent financial conditions for both households and businesses.

Prime Minister of the United Kingdom and head of the Conservative Party, Rishi Sunak, announced the results of the July 4 election in his speech. He claimed that his government had reduced taxes on investments, raised the state pension, and lowered worker taxes. Richard Walker, executive chairman of the British grocery chain Iceland, was the second speaker at the Labour event. He stated that only Labour had the ability to alter the United Kingdom's “trajectory of dismal economic performance.” On the social media platform X on Thursday, Starmer declared, "Creating wealth is my top priority." "The Labour Party I have transformed has a growth plan. We support both business and labor.

Tax dispute Like Sunak, 

Starmer promised during a debate earlier this month not to raise the general worker tax known as National Insurance or the value-added tax, or VAT. After that discussion, Sunak claimed in a controversial statement that Labour's policies would result in a £2,000 tax increase on each household over the course of the next Parliament. The claim, according to Starmer, is "rubbish" and is based on "made-up Labour policies.”

The Conservatives unveiled their own manifesto on Tuesday, promising to slash 2 pence from National Insurance, make national service mandatory, cut immigration in half, and launch a first-time home buyer assistance program. For a number of years, polls have indicated that Labour will defeat the 14-year-old Conservatives handily. Another issue on which the parties have sparred is national security. According to Defense Minister Grant Shapps, Labour would "turn the U.K. into an undefended target." Labour has declared that it will "put a renewed focus on improving morale in our armed forces and maintain an unwavering commitment to NATO and our nuclear deterrent.”

Business leaders and the financial markets have embraced Labour's move to the political center under Starmer, despite the fact that it has sparked controversy and division among the party's left. According to a BBC report, major trade union Unite has declined to support Labour's manifesto due to concerns that it does not adequately safeguard the rights and jobs of workers in the oil and gas industry.