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A Labour government would not spend any more more money without tax rises to fund it, the party has promised as it laid out its most detailed plans for power yet.
The party has also doubled down on an ambitious pledge to remove fossil fuels from all Britain’s electricity supply within just six years of coming to power.
And Sir Keir Starmer has promised to set up a new Council for Economic Growth involving business, unions and academics to draw up an industrial strategy for the future.
The plans are set out in the 116-page conclusions of Labour’s national policy forum which were published on Friday. The document will form the basis of the party’s manifesto at the general election expected to take place next year.
It states: “Labour’s fiscal rules, as set out by Shadow Chancellor Rachel Reeves, are non-negotiable. They will apply to every decision taken by a Labour government, with no exceptions. That means that Labour will not borrow to fund day-to-day spending, and we will reduce national debt as a share of the economy.”
Ms Reeves has previously ruled out major increases to the overall tax burden or new wealth taxes aimed at the richest – suggesting that she would only authorise a significant increase in public spending if the economy grows rapidly under a Labour government.
The national policy forum also backed “an urgent mission to deliver clean electricity by 2030” – meaning that all electricity would be generated by either nuclear power or renewables such as wind and solar. This is separate to the pledge to reach net zero carbon emissions by 2050.
And the party said it would boost economic growth with “an industrial strategy based on a genuine partnership with businesses, workers, unions and universities”.
The national policy forum, which met in July, backed Sir Keir’s five “missions” for government and the leadership saw off attempts by unions and left-wing campaigner to introduce more radical policies.