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Labour sets out policies in alternative Queen’s speech


Labour leader Ed Miliband has set out an alternative set of policies ahead of the Queen’s speech next week.

In the Queen’s speech on 8 May, the Government will set out its legislative agenda for the next year and is set to include bills on state pension reform, long-term care funding and banking reform.

Miliband says Britain needs “new ideas” and a Labour Government would introduce six bills on consumer protection, housing, taxes, jobs, banking and immigration.

In its consumers bill, Labour says pensioners can find half their pension wiped out by hidden costs and charges when they retire.

It pledges to cap pension charges at 1 per cent and force all pension funds to offer the same transparent charging structure so consumers know what they are paying before they sign up.

In its housing bill, Labour says more people are privately renting and face “rip-off’ fees and poor quality housing. It pledges to create a national register of landlords that can strike off “rogues”, end “confusing and inconsistent” letting agent fees and allow longer-term tenancies.

In its finance bill, Labour would re-introduce a 10p tax rate on £1,000 above the personal allowance, paid for by an annual mansion tax charge on homes worth over £2m.

It would also increase the top rate of tax back to 50p, temporarily cut VAT back to 17.5 per cent and introduce a national insurance holiday for small firms taking on workers.

In its jobs bill, Labour says it would create a compulsory jobs guarantee for any adult who has been unemployed for two years. It would be paid for by cutting pension tax relief to 20 per cent for those earning £150,000 or more.

In its banking bill, Labour says it would create a code of conduct for bankers with the worst offenders struck off, as well as toughening criminal sanctions against those in financial crime.

The Government is ring-fencing banks’ retail divisions from their investment arms in its banking reform bill and retained the power to go further and break up them up if they misbehave. Labour wants to retain the power to break up all banks at once if there is not a genuine culture change, as recommended by the parliamentary commission on banking standards.

In its immigration bill, Labour says it would double the fines for those breaching the national minimum wage to stop immigrant workers being exploited and undercutting UK workers.

Miliband says: “Britain needs new ideas rather than just more of the same. A One Nation Labour government would introduce an economic programme next week in the Queen’s Speech which would show how we can tackle this crisis together.” 


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There are 11 comments at the moment, we would love to hear your opinion too.

  1. Is it me or has he not heard of RDR?

    “transparent charging structure so consumers know what they are paying before they sign up.”

  2. 1% cap on pension charges – where have I heard that before…..?!

  3. Grandstanding nonsense – and yet again from the millipod and balls team!

    Encourage people to invest in wealth creation, and get off the band wagon that Orwellian policies will do it for you. They will not. Real people will continue to reserve their judgement.


  4. Financial Planner 29th April 2013 at 3:23 pm

    To quote a line from the ‘West Wing’, because it’s just so apt:

    “a .22 caiber mind in a .357 magnum world!”

  5. Laughable,he seems not to have the vaguest understanding of pensions or financial planning,as for tax its back to what we had before which left us in this mess!yet more cost in setting up landlords register no doubt with lots more civil servants to run it and its immigration plans are like the boy sticking his finger in the dyke.This man is a weak leader with no new ideas at all!

  6. How on earth are a 50% tax rate, a cut in VAT, a stakeholder-esque cap on charges and abolishing higher rate relief of pensions “new ideas”?!

  7. Once again focusing on ‘rip-off’ costs rather than quality.

    Trust me a 5p tin of baked beans doesn’t taste half as good as a well known brand.

    With regards to charges – his grasp of maths is obviously lacking as any charge will have a significant impact over a potential 40 year investment period if you look at what it would have been without charges.

  8. “compulsory job guarantee for any one out of work for two years”

    Why were they out of work in rhe first instance Mr Milliband ? Shhh everyone ; do let him know there were no jobs! Has he “done the sums” using today’s unemployed rates,say, in Sunderland oerhaps ? If he did so he would find that his proposal is unworkable

  9. Maybe the bigger idiot is the industry that cannot come together to lobby and expose these ideas as ridiculous that they are. They get away with these daft self defeating ideas because the industry allows them to.

  10. Labour Supporter 29th April 2013 at 7:36 pm

    Our boy is full of …p !

  11. Every time I hear either of the 2 Ned’s spout, I think, “And when you had chance, you did what?”

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