Conservative Party Reveals 2024 Manifesto with Mixed Reviews
The release of the Conservative Party’s 2024 manifesto has sparked both praise and criticism from party members and the public. While some consider it a success, others believe it falls short of creating a significant impact on the nation.
The manifesto, presented by Chancellor Rishi Sunak, has been praised for avoiding major campaign blunders like the infamous pledge to impose extra taxes on citizens for social care in Theresa May’s 2017 manifesto. Others have commended Sunak for steering clear of unfunded tax cuts, although there are doubts about the reliability of the revenue numbers provided.
In terms of fiscal reforms, the manifesto has been deemed satisfactory by those seeking incentives for increased productivity and employment. However, for those hoping for bold and courageous economic measures, this was not the moment they were waiting for.
Let’s take a closer look at the main components of this manifesto. The Conservatives plan to cut taxes by £17.2bn and increase spending by approximately £800m. This will be funded by a reduction of £12bn in welfare spending and an additional £6bn from tax avoiders. However, there are concerns about the feasibility of raising these funds as easily as the manifesto suggests.
Furthermore, there are questions about the relatively small increase in spending, as it is dependent on significant spending cuts. Despite this, it is unfair to accuse the government of attempting to implement another unfunded budget like Liz Truss did in the past. This manifesto is significantly less radical.
However, many Conservatives may view this as a missed opportunity for more radical change. While the National Insurance cuts will slow down the increase in tax burden in the coming years, it will not reverse or reduce it. In fact, even with these cuts, the tax burden is expected to be higher in 2028-29 than it is currently.
Although it may provide some relief to those who oppose high taxes, this is not the major shake-up many were hoping for. The Conservative Party acknowledges that the National Insurance cuts do not entirely offset the tax increases from freezing personal allowances. However, they claim that the burden will plateau and possibly decrease slightly by the end of the next parliament.
For those expecting bolder policies from Sunak’s manifesto, this may come as a disappointment. However, it is difficult to make clear comparisons between the major parties until Labour reveals their manifesto later this week.
Despite mixed reviews, the Conservative Party is confident in their manifesto and believes it will lead the country towards a better future.
