FACTBOX-UK LibDems 2010 election manifesto

April 14 (BestGrowthStock) – Britain’s Liberal Democrats on
Wednesday set out the policies which would form the basis of
negotiations if the country’s third-biggest political party
holds the balance of power after an inconclusive election.

Below are highlights from the LibDems 2010 manifesto:

ECONOMY

– The party has identified 15 billion pounds of savings in
government spending per year. A third will be set aside for
additional spending commitments, but 10 billion pounds each
year, after 2011/12, will go towards paying off the deficit, set
to be 163 billion pounds this financial year.

– Cuts would come through a cap on public sector pay rises,
restricting tax credits, ending government payments into child
trust funds, a 2 billion pound bank levy, scrapping ID cards and
cancelling part of an order for the Eurofighter warplanes.

– Banks would be broken up, creating a clear separation
between low-risk retail banking and high-risk investment
banking. Bank bonuses would also be curbed.

– A budget of 3.1 billion pounds used as part of a green
economic stimulus package.

– Restore a public interest test for company takeovers.

– Reject a new generation of nuclear power stations.

– Set a target for 40 percent of electricity to come from
clean, non-carbon-emitting sources by 2020, rising to 100
percent by 2050.

TAXES:

– No plan to increase VAT.

– A “fairer” tax system, with a 10,000 income tax threshold,
paid for through a clamp down on tax avoidance, closing tax
loopholes for the wealthy, introducing a 1 percent so-called
mansion tax on homes worth more than 2 million pounds and an
increase in aviation duties.

Also tax relief on pensions would only be at the basic rate,
and taxing capital gains at the same rate as income.

POLITICAL SYSTEM

– Introduce a proportional voting system for lawmakers, and
reduce their number by 150.

– Lower the voting age to 16.

– Have fixed-term parliaments for the lower chamber, and
replace the upper chamber with a fully elected house.

– Give voters the right to sack their lawmaker if they have
broken the rules.

EDUCATION

– Invest 2.5 billion pounds to boost education opportunities
for disadvantaged children, and cut class sizes.

– Scrap university fees, and the 50 percent target of young
people attending university.

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(Writing by Avril Ormsby; Editing by Jon Boyle)

FACTBOX-UK LibDems 2010 election manifesto