UK Election Policy Guide: What the Parties Have Pledged on Tax and Business

The manifestos of the Conservatives, Labour, the Liberal Democrats and Reform UK represent the policies of parties that together are expected to receive about 90% of the votes in the general election on Thursday, and they agree on a lot. All say taxes on working people will not increase or will be cut, pledge to end the crisis in the National Health Service and commit to turbocharging an economy that has lagged behind its major peers in recent years.

They insist their sums add up. Experts are less convinced. The Institute for Fiscal Studies has accused the two main parties of a “conspiracy of silence,” with Labour relying on heroic growth assumptions and the ruling Conservatives banking on “uncertain” savings with its plan to cut welfare. In reality, whoever wins — polls point to Labour — may face a stark choice between raising taxes, borrowing more or inflicting further cuts on struggling public services.