The Labour Party has set out its manifesto promising a review of pensions to grow UK investment and prioritising 'wealth creation' with policies.
In a speech in Manchester today (June 13), Labour leader Keir Starmer said wealth creation was the party's top priority.
It also committed to review the pensions landscape and increase investment from pension funds in UK markets.
As Starmer started speaking he was heckled by a protester and in response said the party gave up being a party of protest five years ago and now wants to be a party of power.
He said the party will make hard choices to restore the country's economy and public services.
The leader reiterated promises not to increase national insurance, VAT or income tax.
"I make no apologies for ruling out tax rises for working people," said Starmer.
"I don't believe it is fair when they are already paying this much, especially during a cost of living crisis."
Tax changes already announced, such as VAT on private school fees and closing loopholes in the non-dom tax status, were set out in the manifesto.
He said: "Wealth creation is our number on priority, growth is our core business."
Starmer said this was the mandate on which Labour would stand in this year's election.
He added: "This changed Labour party has a plan for growth, we are pro-business and pro-worker, the party of wealth creation."
He said a national wealth fund would be created, with one example investment given as gigafactories associated with electrification and decarbonisation.
The manifesto called financial services "one of Britain’s greatest success stories".
It said the party will "create conditions to support innovation and growth in the sector, through supporting new technology, including open banking and open finance and ensuring a pro-innovation regulatory framework".
Labour said it will aim to increase investment from pension funds in UK markets as it pledged to undertake a review of the pension landscape.
The manifesto added: "We will adopt reforms to ensure that workplace pension schemes take advantage of consolidation and scale, to deliver better returns for UK savers and greater productive investment for UK PLC.
"We will also undertake a review of the pensions landscape to consider what further steps are needed to improve pension outcomes and increase investment in UK markets."
The launch was opened by Angela Rayner, who said: "We cannot afford five more years of high tax, low growth and broken Tory promises."
She spoke of a changed Labour Party and said its plans for growth include investment and reform rather than more taxes.
The General Election will take place on July 4.
Labour's manifesto announcement follows that of the Tories, the Lib Dems and the Greens.
tara.o'connor@ft.com
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