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From social security to migration: key takeaways from the Conservatives’ manifesto

The tax cuts proposed in the Conservative Party’s manifesto would lead to a second “mortgage bomb,” claimed Rachel Reeves.

Labour’s shadow chancellor said the tax cuts previously announced by Rishi Sunak would lead to additional borrowing and push up the cost of an average mortgage by £4,800 over the next five years.

Responding to the Conservative manifesto, the Shadow Chancellor told a press conference in central London: “The analysis we have carried out since publication has identified unfunded commitments of £71 billion for the duration of the next parliamentary term.”

“An increase in daily borrowing to finance the commitments made in this manifesto would be tantamount to a second Conservative mortgage bomb, because higher borrowing on this scale would force the Bank of England to raise interest rates.

“The result would be an increase in the average mortgage size by a total of £4,800 over the course of the legislative period.”

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“We provide stability,” says Reeves

She adds that the election is a choice between another five years of “chaos” and a Labour Party that will provide “stability”.

Reeves adds that her party has changed under leader Sir Keir Starmer.

Matt Mathers11 June 2024 17:03

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Labour will offer a “credible, responsible alternative”

Reeves says she and her colleagues will work over the next three weeks to “expose the damage” the Tories have done to the economy.

She says her party will offer voters a “credible, responsible” alternative in the July 4 parliamentary elections.

Matt Mathers11 June 2024 17:01

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Condemns attack on Farage in a clever way

Home Secretary James Cleverly has condemned the attack on Nigel Farage.

He said: “There must be no place for violence and intimidation in our politics and these actions should be condemned by all.”

“Thank you to the police for their quick action in arresting the suspect.”

Salma Ouaguira11 June 2024 17:00

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No tax increases under Labour – Reeves

Reeves insists that the costs of her party’s manifesto, published on Thursday, are fully accounted for.

“I will not raise taxes on the working population,” she says.

There will be no increases in income tax, social security contributions or value added tax during the next legislative period, she adds.

Matt Mathers11 June 2024 16:58

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“They know their numbers are wrong” – Reeves

If Sunak had been confident the numbers were right, he would have included his plans in a budget rather than the manifesto, Reeves says.

She says the Tories “know their numbers are wrong.”

The shadow chancellor adds that the Tories’ “desperation” will endanger the economy.

Matt Mathers11 June 2024 16:54

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No plan to finance social security cuts, claims Reeves

Reeves describes the manifesto as a “desperate last-minute battle” to win votes before the general election.

She points out that Sunak has put forward plans for further cuts to social security contributions after Chancellor Jeremy Hunt suggested they would “achieve nothing”.

There is “no plan” as to how the tax cuts should be financed, she adds.

Matt Mathers11 June 2024 16:51

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Reeves: Tories have learned nothing from Truss disaster

Sunak’s manifesto is proof that the Tories “have not learned their lesson” from the Truss disaster, says Reeves.

She adds that the party’s plans are a “recipe” for another five years of “chaos”.

Reeves asks “what happened” to Sunak, who wanted to “get the ship back on course”.

Matt Mathers11 June 2024 16:49

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“The damage done in these 49 days will last for years”

If the Tories’ plans are implemented, the public will benefit not from tax cuts but from higher mortgage costs, Reeves claims.

She again compares the party manifesto with Liz Truss’s disastrous mini-budget, which sent the markets into free fall.

“The damage done in these 49 days will last for years,” Reeves adds, criticising Sunak’s call for voters to look to the future rather than the past.

Matt Mathers11 June 2024 16:45

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Tory plan to save £12 billion in social spending ‘pure fiction’

Finally, says Reeves, the Tories will not be able to save £12 billion on social spending.

She says social costs have skyrocketed under the government.

The shadow chancellor adds that savings are possible, but the Tories’ plans to save £12 billion are “pure fiction”.

Matt Mathers11 June 2024 16:41

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Reeves: Tories will not save billion pounds by cutting low-performing university courses

The fourth mistake, said Reeves, was the Tories’ promise to make savings by cutting low-performing university courses.

In her view, it is not true that the party could raise more than a billion pounds through this policy.

That won’t work because there are no plans to limit the number of students, she adds.

Matt Mathers11 June 2024 16:35

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