Liberal Democrats’ economic promises

NHS funding is set to increase by £9.4bn according to Courtney Evans from the NHS. This increase will be used to hire 8000 full-time, qualified GPs, allowing pharmacists to prescribe medication in order to reduce GP workload, and speed up appointment waiting times. Additionally, plans are in place to cut down waiting times for cancer treatments to 62 days from the day of diagnosis to the first day of treatment. The funding for these initiatives is expected to come from increased taxes on banks and closing tax avoidance loopholes for the wealthy, which is estimated to raise £7bn.

In terms of the economy, promises have been made to address the cost of living and food prices through a National food strategy. Improving the UK’s relationship with Europe, particularly in the trading sector, is also on the agenda, with potential cost reductions as a result. Providing the HMRC with proper support and funding to crack down on tax avoidance is also a priority. With plans to increase public spending by £27bn more per year by 2029, levies on banks are set to generate an extra £4bn, and reforming capital gains could bring in over £5bn. Discussions about implementing an aviation duty to punish frequent fliers more harshly are ongoing. Tax cuts will be prioritized once public finances allow, with income tax cuts being considered by raising the tax-free personal allowance. This move is expected to benefit the majority of families and exempt more low-paid workers from paying income tax altogether.

When it comes to jobs and businesses, the government promises to create more jobs for working people and encourage businesses to invest in training to address the productivity crisis.