In an attempt to salvage his faltering election campaign, Prime Minister Rishi Sunak has promised significant tax cuts, aiming to sway voters with a new Conservative manifesto.
Sunak’s key pledge includes reducing national insurance by 2 percentage points (2p) and abolishing it for the self-employed within five years, marking one of his last major efforts before the impending polls.
However, the opposition quickly retaliated. Labour leader Keir Starmer criticized Sunak’s manifesto, likening it to a “Jeremy Corbyn-style” document, accusing it of being filled with uncosted promises.
“The Tories are crafting a manifesto where any whim can be included, none of it financially feasible,” Starmer said.
He further argued that the Conservative proposals reflect desperation and predict another five years of disorder.
Labour has previously criticized the manifesto, branding it “the most expensive panic attack in history.”
During the launch, Sunak evoked the legacy of former Prime Minister Margaret Thatcher and ex-Chancellor Nigel Lawson, asserting the Tories’ commitment to “sound money” principles.
He emphasized plans for “lower welfare to facilitate lower taxes,” underscoring his intent to cut national insurance further by 2p. Despite speculation among Tory MPs that these measures might not significantly impact election outcomes, Sunak remains determined.
Sunak reaffirmed his commitment not to increase income tax, national insurance, or VAT.
Additionally, he proposed a “triple lock plus” mechanism to exempt pensioners from paying income tax on their state pension.
This is part of a broader strategy to counter Labour’s claims of a looming £2,000 tax hike for households, a figure the Treasury has dismissed.
The comprehensive package, nearly £20bn in tax cuts and public spending includes an additional £2.4bn for training new doctors and nurses.
Sunak assured voters that a Conservative government would ensure “lower immigration, lower taxes, and protected pensions” as part of a “secure future.”
Following the success in reducing inflation, he pledged to halve migration rates and proposed annual reductions thereafter.
The manifesto also introduces a health check requirement for migrants before entering the UK and mandates purchasing insurance if they are likely to burden the NHS.
On the campaign trail, Starmer compared the Conservative manifesto to Labour’s 2019 proposals, mocking its resemblance.
Meanwhile, Sunak vowed to deliver 1.6 million new homes, focusing on accelerating development on brownfield sites and repealing certain EU regulations.
Aspirations Of Home Ownership Remains Elusive
Despite these bold promises, Sunak admitted the Conservatives have struggled to maintain the aspiration of home ownership, a cornerstone of Thatcher’s 1980s revolution.
Speaking to Nick Robinson, he acknowledged that achieving this dream has become increasingly challenging under current Tory governance.
“It has got harder and I want to make sure that it’s easier. What we will do is not just build homes in the right places, but do that in a way that is sensitive to local communities and make sure that we support young people into great jobs so they can save for that deposit.”
Rishi Sunak
Sunak added, “I’m going to go back to tax because it is important…”
However, Robinson intervened to say most young people are not worried about the deposit or stamp duty, adding they cannot afford to leave their parents’ homes.
According to Labor’s estimates, the Conservatives aim to abolish national insurance when financially viable could potentially cost £46bn by 2030.
As he presented his manifesto, Sunak was introduced by Tees Valley Mayor Ben Houchen, who had previously questioned Sunak’s electoral appeal.
Houchen had remarked that many constituents expressed support for him but were hesitant to back the Conservative Party in the general election.
Sunak’s sweeping promises and nostalgic references to Thatcherism reflect a desperate bid to revive the Conservative Party’s prospects.
With polling day imminent, the success of these measures in reversing his campaign’s fortunes remains to be determined.
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