Election 2024: Keir Starmer publishes Labour manifesto for growth

Labour leader Keir Starmer has launched his party’s manifesto for government ahead of the July 4 general election.

Speaking to an audience of shadow cabinet ministers, party activists and journalists at the Co-op HQ in Manchester, Sir Keir said: “We don’t have a magic wand… but what this manifesto represents is a credible, long-term plan.”

He added: “Today we can turn the page. Today, we can lay a new foundation of stability. And on that foundation, we can start to rebuild Britain.”

The manifesto also revealed Labour plans to raise around £7.3bn in revenue from tax, its costings document confirmed.

According to its calculations, some £5.2bn would come from closing the non-dom loophole and cracking down on tax avoidance and £1.5bn from VAT and business rates on private schools.

The rest would come from closing the carried interest tax loophole and increasing stamp duty on purchases of residential property by non-UK residents by one per cent, the document said.

The Labour leader also said the party would commit to keeping the government’s spending under control so that ” day-to-day costs are met by revenues and that debt must be falling as a share of the economy by the fifth year of the forecast.”

Kier Starmer also said the party would “end the use of offshore trusts to avoid inheritance tax” and build 1.5m homes by the end of the next parliament.

The party leader, who arrived at the launch in his shirt sleeves, had pledged during last night’s Sky News leaders event that there would be “no surprises”.

The 135-page manifesto document features a black and white photo of Starmer in a shirt and tie, with his sleeves rolled up, and the word ‘Change’ in red font.

Starmer was introduced by deputy leader Angela Rayner, dressed in a white blazer, who told the audience: “We just cannot afford five more years of high tax, low growth, and broken promises.”

Iceland boss Richard Walker, who previously tried to become a Conservative candidate, also introduced the Labour leader to the stage.

It comes after months of Labour wooing business with a partnership strategy spearheaded by shadow Chancellor Rachel Reeves and shadow business secretary Jonathan Reynolds.

Labour have aimed to reassuring the City and big corporations that the party wants to create the conditions for financial stability and inward investment, via its mission for economic growth.

As well as the plans to raise £7.3bn in tax, Labour also said it would invest:

• £1.8bn to upgrade ports and build supply chains across the UK
• £1.5bn to new gigafactories “so our automotive industry leads the world”
• £2.5bn to rebuild the steel industry
• £1bn to accelerate the deployment of carbon capture
• £500m to support the manufacturing of green hydrogen