Shadow Chancellor Rachel Reeves said Sir Keir Starmer’s party has “no plans to increase taxes outside of what we’ve said”.
She also confirmed ditching an increase in the 45p top rate of income tax and said Labour would not bring in a mansion tax on costly properties or raise capital gains tax.
But Conservatives warned Labour could not be trusted. Andrew Griffith, the Economic Secretary to the Treasury, told the Daily Express: “From dreaming up new ways to hit motorists, the economic self-harm of taxing overseas investors to vindictive tax raids on private schools, the idea that Labour won’t put up taxes is as plausible as a scam email about a lottery win.
“It’s just weeks since Rachel Reeves led Labour’s opposition to our sensible decision to scrap the pensions cap.
“Whilst this Conservative Government is taking the tough choices to halve inflation and reduce debt precisely so that we can return to cutting people’s taxes, Labour’s unfunded spending plans would lead to higher taxes and a return to writing notes ‘admitting there is no money left’.”
Sir Bill Cash quipped that Labour’s latest bid for voters “is a bear trap” and added: “The Labour Party always fails. Last time they had no money in the kitty at all and left us with a huge debt.
“All they ever do is tax people. They fail on the economy every single time.” MP David Jones added: “Historically the Conservatives have been the party of low taxes. Labour increase them.
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“Anyone minded to believe Labour’s promises on taxation should look at what they do when they are in power. Sadiq Khan is penalising the least well-off Londoners by charging them £12.50 every time they use their cars.”
Former Cabinet minister Sir Jacob Rees-Mogg added: “The Labour Party believes in high taxation as it thinks the Government spend money better than individuals do. The Tories believe the opposite.”
PM Rishi Sunak and Chancellor Jeremy Hunt meanwhile have been urged to cut taxes “now”. Ex-Tory leader Sir Iain Duncan Smith said: “Taxes are a mechanism to get growth. We need growth more now than we have for the last decade or so.
“There is a desperation in the British economy. The economy is being squeezed. We’re squeezing it too much. And if we keep squeezing it too much, there will be no economy.
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The only answer is to cut taxes. If we enter the next election without growth, our chances will be in the minus category.
“We left the EU to change the regulations and cut taxes. We should be doing that now. We have got to get taxes down.”
Ms Reeves told a newspaper: “I don’t see a route towards having more money for public services that is through taxing our way there.
“It is going to be through growing our way there. And that’s why the policies that we’ve set out are all about how we can encourage businesses, big and small, to invest in Britain.”
She also told the newspaper her preparations for office include “spending an awful lot of time with businesses”.
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