This week, shadow chancellor Rachel Reeves has already declared that taxes will not be increased. On Thursday, Labour is set to publish their manifesto.
For the duration of its first time in office, Labour has now promised to impose a “triple lock” on the “big three” taxes.
In the event that Labour wins the election on July 4, they would have to find other ways to raise taxes or make cuts.
The Institute for Fiscal Studies (IFS) cautioned that neither the Conservatives nor the Labour Party are “serious about the underlying principle of getting debt falling” and that their proposals will force them to make “sharp” spending cuts.
The IFS stated in its evaluation of the campaign trail that predictions indicate the autumnal chancellor to be “fortunate” to fulfill the fiscal rule of getting debt on a lower trajectory between 2028/29 and 2029/30.
Both Labour and the Conservatives have pledged to work toward that goal.
As the campaign continues into its third week and the Conservatives unveil new measures to close a gap in the polls, Ms. Reeves chastised them for their “fantasy” promises.
“The approach the Conservatives are taking now is the same as the approach Jeremy Corbyn took – and I totally reject it,” she wrote in The Sun, accusing the Tories of behaving like Corbyn.
