As the UK grapples with the aftermath of US tariffs, Labour leader Keir Starmer remains steadfast in his commitment to not raise income tax or VAT, prioritizing economic growth and industry support instead.
The UK’s Keir Starmer, has reaffirmed his commitment to not raising income tax, VAT, or employee National Insurance Contributions (NICs), despite the ongoing tariff turmoil.
Sir Keir Starmer is a British politician who has been serving as the leader of the Labour Party and the Leader of the Opposition since 2020.
He was previously the Shadow Brexit Secretary and Shadow Home Secretary.
Born on September 2, 1962, in Southwark, London, he studied law at the University of Leeds and later became a lawyer specializing in human rights.
Starmer entered politics in 2015 as an MP for Holborn and St Pancras constituency.
He has been a strong advocate for social justice, workers' rights, and human rights.
A Commitment to Promote Growth
Starmer believes that the government cannot simply reach for taxes when it needs money; instead, it must promote growth and encourage economic activity. This stance is rooted in his manifesto pledge, which he has maintained throughout his tenure as Labour leader.
Protecting British Industry
The Scunthorpe steel plant is a pressing concern for Starmer, who acknowledges the importance of supporting the UK’s steel industry. He has expressed openness to exploring all options to protect this vital sector, including working with other countries to lower barriers to trade.
A New Era of Insecurity
Starmer views the current economic climate as an ‘age of insecurity,’ where traditional assumptions no longer apply. He believes that this era demands a proactive approach, rather than simply hoping for the best or waiting for others to act.
Turbocharging Measures to Support Domestic Industries
The Labour government will prioritize turbocharging measures to help domestic industries, such as the car sector and life sciences. This includes investing in new initiatives and reducing bureaucracy to facilitate growth.
Investing in Life Sciences
Starmer is keenly aware of the challenges faced by the life sciences sector, which he believes holds immense potential for British innovation. He aims to streamline the licensing process for clinical trials, aiming to reduce the time required from 250 days to just 150 days.
A Call to Action for Manufacturing
Starmer has a personal connection to manufacturing, having grown up with an engineer father who instilled in him the value of British industry. He urges anyone who doubts the importance of manufacturing to visit a factory like JLR and witness its brilliance firsthand.
Global Consequences of Trump Tariffs
Starmer is aware that tariffs imposed by the US can have profound global economic consequences, particularly for the automotive sector. He emphasizes that nobody welcomes tariffs and believes it is essential to work with other countries to reduce trade barriers.
Tariffs are taxes imposed on imported and exported goods by a country's government.
They can be used to protect domestic industries, raise revenue, or retaliate against trade partners.
The 'World Trade Organization (WTO)' sets rules for tariffs, but countries can impose their own rates.
Tariff rates vary widely, from 0% to over 200%.
The average tariff rate in the US is around 2%, while some European countries have rates as high as 15%.
Tariffs can impact global trade and economic growth.
