Britain’s opposition Labour party is facing a backlash from its left wing after ruling out wealth taxes and promising to cut business regulations as it looks to shore up its economic credentials ahead of a general election expected next year.
In an interview over the weekend, Shadow Chancellor of the Exchequer Rachel Reeves said Labour would not propose any tax increases beyond those already committed because the burden is already high enough, as she sought to neutralize traditional Conservative party claims that Labour lacks economic discipline.
However, the commitment met resistance from socialist pressure group Momentum, which was influential under failed former leader Jeremy Corbyn, and several left-of-center economists. They are concerned about a lack of funding for Britain’s struggling public services, the Independent newspaper reported Monday, citing a letter by the group, signed by 70 economists and academics.
The party will put its plans to the test as early as October after Nadine Dorries, the former Tory culture secretary and Boris Johnson loyalist, quit in protest at Prime Minister Rishi Sunak’s leadership at the weekend. Momentum said on X, formerly known as Twitter: “This is a political choice to favor big business and the 1% over ordinary people. Shameful.” In the letter letter seen by the Independent, the signatories said they are “concerned” about Labour’s decision to stick with current fiscal rules, which involve spending cuts.
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