Labour’s manifesto includes pledges to guarantee a “proper” business rates appeal process and to extend the National Living Wage to all workers aged 18 or over.
In its general election manifesto launched today (Tuesday), Labour said it would review the entire business rates system in the longer run as part of a package to reform business rates, as it sought to portray itself as “the party of small businesses”.
Corporation tax would rise from 19% to 26% by 2020, but the party said it would reintroduce the lower small profits rate of corporation tax for small businesses.
However, it also promised to raise the minimum wage to the level of the National Living Wage for all workers aged 18 or over, which it expects to be at least £10 per hour by 2020.
The 45p rate of income tax would start at £80,000 instead of £150,000, while a new 50p rate of tax would be introduced on earnings over £123,000.
The manifesto also pledges to ban zero hour contracts so “every worker gets a guaranteed number of hours each week”.
The Conservatives will launch their manifesto on Thursday 18 May.