Labour were the first to announce their manifesto and the document contained a number of policies relating to tax, finance, Financial Planning and the financial services industry.
Some of the key points were:
- Reintroduce the 50p top rate of tax
- No increase to the basic or higher rates of Income Tax or National Insurance.
- No raise on VAT
- Tougher penalties for "those abusing the tax system, end unfair tax breaks used by hedge funds and others"
- Capping pension tax relief for higher earners.
- Retaining the triple lock on state pensions
{desktop}{/desktop}{mobile}{/mobile}
- Ensuring private pensions are good value and 'proper guidance' for retiring pension investors to avoid misselling
- A pledge to "balance the books by cutting the deficit every year, with a surplus on the current budget and with national debt falling as soon as possible in the next Parliament"
- Mansion Tax on properties worth over £2 million
- Stopping winter fuel allowance for the richest 5% - as well as a guarantee of no other changes to Winter Fuel Payments, free TV licences or bus passes for pensioners
- Requiring disclosure of voting by institutional fund managers (including pension managers) on executive pay
- Free childcare from 15 to 25 hours for working parents of three and four-year-olds, while doubling paid paternity leave for fathers.
The manifesto stated: "We will balance the books by cutting the deficit every year, with a surplus on the current budget and with national debt falling as soon as possible in the next Parliament. This will need common sense spending reductions, outside of the protected areas of health, education and international development. "Labour's plan to balance the books means making tough, but fairer choices. We will reverse the Government's top-rate tax cut so that the highest one per cent of earners, with an income of over £150,000, contribute a little more to help get the deficit down.
"We will create a fairer tax system, helping those on middle and lower incomes by introducing a lower 10p starting rate of tax, paid for by ending the Conservatives' Marriage Tax Allowance."
On pensions, Labour said: "Alongside a decent state pension, we must ensure private pensions are good value for those who have saved. We will reform the pensions market so that pension providers put savers first, and protect consumers from retirement rip-offs. We support greater flexibility for those drawing down their pension pots, but there must be proper guidance for people to avoid mis-selling."