Summary of the TUC's budget submission to Rachel Reeves
- low growth
- falling living standards
- decimated public services
Workers have endured the worst pay crisis for two centuries. Real pay is going down while around 4 million people are in highly insecure work. (it's a hell of a lot more than 4 million)
The poor performance is attributed to reckless cuts to public investment, a bad Brexit deal, and a lack of genuine industrial or labour market policy.
Chronic under-investment has hollowed out Britain's industrial communities, and cuts to public services disproportionately affect those on the lowest incomes.
More investment is necessary.
The poor performance is attributed to reckless cuts to public investment, a bad Brexit deal, and a lack of genuine industrial or labour market policy.
Chronic under-investment has hollowed out Britain's industrial communities, and cuts to public services disproportionately affect those on the lowest incomes.
More investment is necessary.
To enable this, the TUC calls for significant revenue-raising measures:
The TUC advocates for addressing the imbalances in how labour and capital are taxed. Specific proposals to raise revenue include:
Raising Living Standards
The TUC stresses that economic policy must target rising living standards, as consumer spending is essential for growth.
Immediate action is needed, including measures to bring down domestic energy costs and an end to the two-child benefit cap.
The TUC calls for a joined-up labour market policy focusing on more and better jobs, including an ambitious quality training or decent first job guarantee for young people.
Implementation of the employment rights bill is essential, which the TUC projects will improve job security for millions of workers and deliver annual net economic gains of around £10 billion a year.
Investment in public services must be sustained. A key demand is an active dialogue with public service unions on a plan to restore public sector pay to resolve the current recruitment and retention crises.
Support is needed across foundation industries to ensure competitive industrial electricity prices, including the introduction of an interim support scheme for industry on the brink of closure.
The TUC advocates for addressing the imbalances in how labour and capital are taxed. Specific proposals to raise revenue include:
- A significant increase in the bank surcharge.
- Substantial capital gains tax reform.
- Increased taxation on gambling companies.
- A 2% tax on assets over £10 million, which the TUC estimates could raise up to £24 billion a year.
Raising Living Standards
The TUC stresses that economic policy must target rising living standards, as consumer spending is essential for growth.
Immediate action is needed, including measures to bring down domestic energy costs and an end to the two-child benefit cap.
The TUC calls for a joined-up labour market policy focusing on more and better jobs, including an ambitious quality training or decent first job guarantee for young people.
Implementation of the employment rights bill is essential, which the TUC projects will improve job security for millions of workers and deliver annual net economic gains of around £10 billion a year.
Investment in public services must be sustained. A key demand is an active dialogue with public service unions on a plan to restore public sector pay to resolve the current recruitment and retention crises.
Support is needed across foundation industries to ensure competitive industrial electricity prices, including the introduction of an interim support scheme for industry on the brink of closure.
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