"McDonnell also revealed that a Labour government would hold a special “summer budget” before the parliamentary recess in July to implement key planks of its ambitious economic manifesto, including big rises in spending on the NHS and schools, and the abolition of student tuition fees."
https://www.theguardian.com/politics...medium=twitter
They want to cut VAT from tax increases on the wealthy:
"VAT is a proportional tax paid on all sales and is expected to raise £120.1 billion in 2016–17." ( from https://www.ifs.org.uk/bns/bn09.pdf )
So 1% cut in VAT will require £1.2 bln of tax increase per annum.
https://www.theguardian.com/politics...medium=twitter
They want to cut VAT from tax increases on the wealthy:
"VAT is a proportional tax paid on all sales and is expected to raise £120.1 billion in 2016–17." ( from https://www.ifs.org.uk/bns/bn09.pdf )
So 1% cut in VAT will require £1.2 bln of tax increase per annum.
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