British Prime Minister Rishi Sunak speaks at the Conservative Party’s general election manifesto launch at Silverstone Circuit on June 11, 2024 in Towcester, United Kingdom.
Leon Neal | Getty Images News | Getty Images
LONDON — British Prime Minister Rishi Sunak released his Conservative Party’s official election manifesto on Tuesday, announcing help for first-time home buyers and promising more tax cuts.
The pledges come as the Conservatives look set for a drubbing to the rival Labour party at the July 4 General Election, while Sunak has personally come under fire several times during the campaign.
Sunak apologized for leaving D-Day commemorations in France early last week and has also been accused of misleading the British electorate with a claim that Labour would raise taxes by £2,000 ($2,547) per working household.
On Tuesday, he pledged to cut another 2 pence off National Insurance — a British tax on workers’ income — and reiterated his plan to bring back national service, which would oblige 18-year-olds to complete a 12-month community program or a year-long period of military training.
He also said that the Conservatives would look to halve migration then “reduce it every single year,” also promising “Help to Buy” program for first-time property buyers amid the U.K.’s housing crisis.
Sunak and Labour leader Keir Starmer are both forefronting economic growth, the cost of living and taxes in their campaign messaging. A Labour win would mark its first parliamentary majority in 14 years. Polls have for some time been pointing toward a Labour victory in a General Election after the Conservatives’ ratings tanked following a series of scandals under former Prime Minister Boris Johnson’s tenure.
Total tax cuts under the Conservative manifesto would progressively climb to an annual £17.2 billion by 2029-30. In an initial response to the manifesto, the independent thinktank the Institute for Fiscal Studies said that the package is “supposedly funded by reducing the projected welfare bill by £12 billion” among other strategies like cracking down on tax avoidance.
“Those are definite giveaways paid for by uncertain, unspecific and apparently victimless savings. Forgive a degree of scepticism,” Paul Johnson, IFS director, said in the statement.
-CNBC’s Jenni Reid contributed to this article.
