Why we need a Fair Deal for the Economy

Economic growth has been weak for years and the Conservative Government has hurt the public finances through reckless mismanagement, culminating with their mini-budget last year. 

Millions are struggling to make ends meet in a cost-of-living crisis, while oil and gas firms make record profits. 

The public deserves better - our Fair Deal will support families and foster sustainable economic growth. 

A fairer economy

We believe in an inclusive economy, one that offers opportunities for all while ensuring fairness and accountability. 

Our Fair Deal will: 

✅ Help people with living costs and energy bills by implementing a proper one-off windfall tax on the super-profits of oil and gas companies. 

✅ Promote fair taxation by reversing the Conservatives’ unfair tax cuts for big banks and abolishing the separate Capital Gains tax-free allowance, to tax income from wealth more similarly to income from work. 

✅ Strengthen tax enforcement, reduce the tax gap, and equip HMRC to combat tax fraud effectively, saving taxpayers billions. 

The economy must work for everyone. 

A stronger economy 

We need sustainable, long-term growth through wise investments and the responsible management of public finances. 

That’s why we would: 

✅ Invest in infrastructure, innovation, and skills nationwide to create jobs, prosperity, and tackle climate change. 

✅ Secure economic health while controlling spending - day-to-day spending will not exceed money raised from taxes in the medium term, with flexibility during economic crises. 

✅ Uphold fiscal responsibility by requiring OBR forecasts for all fiscal decisions. 

Supporting businesses and jobs

To grow the economy, we need a strong partnership with businesses. When we work with business, it creates opportunities for investment, growth and employment, which benefits us all. 

Our Fair Deal will: 

✅ Reform business rates to support our high streets, boost British manufacturers and close the gap with online tech giants, while creating good local jobs. 

✅ Develop an industrial strategy that encourages businesses to invest in clean technologies, building a green economy. 

✅ Introduce a duty of care for the environment and human rights in business operations and supply chains. 

✅ Reduce trade barriers and strengthen relationships with trading partners - we will fix the broken relationship with Europe and ensure Parliament is consulted on, and signs off on, negotiating mandates and trade agreements. 

✅ Address labour shortages that are another outcome of the Conservatives’ botched deal with Europe by boosting skills and apprenticeships, and agreeing reciprocal fast-tracked work visas in key economic sectors. 

✅ Support science, research and innovation, especially among small businesses and startups, in areas like zero-carbon, environmental, and medical technologies. 

✅ Combat the productivity crisis through incentives for businesses to invest in training, digital technologies, and energy efficiency. 

We are committed to helping everyone reach their full potential - that’s why we’ll support people throughout their careers and why jobs must adapt to their workers’ lifestyles, rather than the reverse. 

We will: 

✅ Boost productivity and encourage people to enter the job market by making flexible working open to all, unless a significant business reason makes it unworkable. 

✅ Address skills and recruitment challenges by investing in education, increasing apprenticeships, and providing career guidance for young people. 

That’s the fair deal for the economy and workers that we’ll be fighting for at the General Election.