General election 2024: Labour manifesto all about wealth creation, says Keir Starmer

Labour has long argued that growth is the only responsible way to generate extra funding for public services and says it wants to make the UK the fastest growing economy in the G7 group of rich nations if it wins power.

Arguing that it will inherit a difficult financial position if it enters office, it has made only a handful of additional spending commitments since the election was called three weeks ago.

These include £140m to convert 3,300 classrooms into nurseries, paid for by introducing VAT on private school fees, and £320m for repairing potholes, financed by deferring a new bypass from the A27 in Sussex.

Sir Keir made the unusual move of invoking his predecessor to attack Tory election pledges to cut taxes, accusing them of a “Jeremy Corbyn-style manifesto” where “none of it is costed”.

Labour has ruled out increasing rates of income tax, National Insurance or VAT, which in the manifesto will be presented as a “tax lock” for voters.

It has also ruled out increasing the main rate of corporation tax, which companies pay on their profits, in an attempt to burnish its pro-business credentials.

But it has not made the same commitment for capital gains tax, charged on profits from selling assets, saying instead its manifesto plans do not “require” a hike.