Political Battle: A Comparison of Labour and Conservative Policies and Their Current Poll Positions
In the run-up to the UK General Election on 4th July, both the Labour Party and the Conservative Party have outlined their policies on housing and taxes. The Labour Party, under the leadership of Keir Starmer, has unveiled a 'Freedom to Buy' pledge aimed at helping young people become first-time buyers over the next five years. This initiative extends and makes permanent the Conservatives' mortgage guarantee scheme. Labour also plans to lower the first-time buyer stamp duty exemption threshold from £425,000 to £300,000, but if they win the election, first-time buyers will face a hike in stamp duty, with the threshold dropping back to £300,000. Labour has promised it won't raise income tax, National Insurance, or VAT. The party also plans to convert over 3,000 classrooms into nurseries in schools with spare capacity, creating 100,000 additional nursery places. They intend to fund this policy by ending tax breaks for private schools. In a bid to reform the private rental sector, Labour has promised to overhaul its regulation, immediately abolishing no-fault evictions, and empowering renters to challenge unreasonable rent increases. They also plan to shut down the leasehold system. Addressing building safety concerns, Labour wants to improve regulation to address issues like mould and damp, and to 'ensure we never again see a repeat of the Grenfell fire'. On the other hand, the Conservative Party, led by Prime Minister Rishi Sunak, has stated that they have 'absolutely not' given up on winning Number 10. Their key message in their election manifesto was 'tax cuts', with a 2p National Insurance cut as their headline pledge. The Conservatives have also promised to permanently increase the stamp duty threshold for first-time buyers to £425,000. They have pledged to abolish no-fault evictions, adding that they will 'strengthen other grounds for landlords to evict private tenants guilty of anti-social behaviour'. In the realm of inheritance taxes, the Conservatives have announced a tax plan. Both parties have committed to keeping income tax thresholds frozen until 2028. Labour leader Keir Starmer has said a big Labour majority would be 'better for the country'. As polling day approaches, the election's outcome remains uncertain, with critics stating that the Conservative manifesto isn't radical enough to close Labour's comfortable lead in the polls. Today, the UK goes to the polls to decide the next Prime Minister and the direction the country will take over the next five years.
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