Sir Keir Starmer will take aim at Tory leadership candidates later today, saying more than £200bn of pledges made in a ‘fantasy economy arms race’ remain unfunded.
As he delivers a speech in the North East, the Labor leader is also expected to hit out at Tory MPs who served in Boris Johnson’s government for their ‘hypocrisy’ in backing tax hikes, although they “opposed it from the start”.
It comes after Jeremy Hunt and Sajid Javid jumped into the race to be the next Prime Minister saying they would scrap plans to raise corporation tax from 19% to 25% and cut it to 15 %.
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On top of that, Mr Javid has pledged to get rid of the government’s controversial National Insurance increase, bring forward the planned 1p income tax cut to next year and introduce a temporary reduction in fuel duties.
Tax cuts have been a hot topic of conversation in the contest so far, with Foreign Secretary Liz Truss, Chancellor Nadhim Zahawi, Transportation Secretary Grant Shapps, Attorney General Suella Braverman and Kemi Badenoch s committing to implement it.
However, Sir Keir appears to have found a problem with their plans, saying none of the suitors have said how they will be paid.
During his speech on Monday, he is due to say: “I can’t believe what we are hearing from candidates to be the next Conservative leader.
“The vast majority of them served in Boris Johnson’s government. The hypocrisy is sickening.”
He will go on to accuse the Conservative candidates of using “ghost economics”.
“Over the weekend the candidates took on over £200billion in unfunded spending commitments. Let that sink in,” Sir Keir is expected to say.
“It’s more than the annual NHS budget, splurging on the pages of the Sunday papers, with no word on how it will be paid.”
He will also argue that Labor will ‘explain every pound’ of its promises at the next general election.
“When I say we’re going to pay for children to catch up in school, I’m also saying it will be funded by removing the charity status of private schools,” he will explain.
“Or when I say we need to fix the mental health issues in this country, I’m also telling you we’ll do it by closing the tax loopholes used by hedge funds.
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“We’ll explain every book because Labor will fight the next election on growth. And the first line on the front page of our offer will be about building wealth.”
Using the speech as an opportunity to talk about a Labor administration, Sir Keir will also talk about a ‘fresh start’ for Britain’s economy and three ideas that would define his government.
“Only Labor can revive our economy and end the cost of living crisis. Only Labor can revitalize our public services and reinvigorate our communities. Only Labor can unite the country and clean up politics,” he said. he.
“These three tasks will define my government because until we address them, we leave ourselves vulnerable to the kind of shocks and crises we have all endured over the past decade.”