Labour Party Budget proposals

Labour Party leader Ed Miliband and Shadow Chancellor Ed Balls today set out their fiscal proposals ahead of the Budget. These involve repeating the tax on bank bonuses, which they claim would raise £2bn this year. They recommend spending this on a £1.2bn house building programme, £600m youth jobs fund and boosting the Regional Growth Fund by £200m. In addition, they have called for the VAT rise to be reversed for road fuels. The plans can be seen here.

NECC’s own Budget submission, which calls for measures to stimulate exporting, employment and low carbon investment in North East businesses, is available to NECC members by logging into the NECC website and clicking on ‘Campaign Updates’.

The Budget will be announced on 23 March. Special briefing events for NECC members on its content will take place in Middlesbrough on 24 March (click here for details) and in Newcastle on 25 March (click here for details).

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