Rishi Sunak accuses Labour of asking for a blank cheque

Rishi Sunak has attacked the plans in Labour’s manifesto, accusing the party of asking the voters for a “blank cheque, without telling them what what they are going to do with it”.

Speaking from the G7 summit in Italy, the prime minister said Labour’s proposals would see taxes rise to “the highest levels that we have seen in our nation’s history”.

He argued that by contrast his party ‘s manifesto was promising to cut taxes for people at “every stage of their life”.

Launching his manifesto in Manchester, Labour leader Sir Keir Starmer said wealth creation was “the number one priority”.

Labour has promised not to raise rates of income tax, National Insurance or VAT, as well as the main rate of corporation tax.

It has not made similar guarantees for capital gains tax, paid on profits from selling assets.

The party has committed to some tax rises including introducing VAT on private school fees and increasing taxes on bonuses for managers at hedge funds.

Speaking to the BBC after the launch Sir Keir said: “None of the plans that we’ve set out require any tax rises over and above those that we’ve already spelt out.”