London stocks remain elevated this afternoon as the nation prepares to vote in what could be a historic election for the Labour Party.
Recent polling data from Survation indicates that the left-wing party is poised for a landslide victory, potentially securing its largest-ever majority.
Keir Starmer’s party is projected to win 484 out of the 650 available seats, surpassing the 418 seats won by former leader Tony Blair in his notable 1997 victory.
The Conservatives, who have governed for 14 years, are expected to secure only 64 seats, the lowest in their history since their establishment in 1834, according to Survation.
Farage’s Reform UK is predicted to win just seven seats, despite its rising popularity since the election was announced.
The Liberal Democrats, however, are emerging as a significant challenge to the Conservatives, with the potential to become the official opposition.
Survation forecasts they will win 61 seats, while the SNP is expected to take 10, and both Plaid Cymru and the Green Party are predicted to win three seats each.
Labour Plans £15bn Tax Increase if It Secures Super-Majority
Rachel Reeves will implement a £15bn tax increase on pensions, capital gains, and inheritance this autumn if Labour wins a super-majority, a prominent City forecaster has warned.
Our economics editor, Szu Ping Chan, reports that analysts at the investment bank Citi believe the shadow chancellor is likely to yield to calls for increased public spending. They also suggest Labour might extend a covert tax on workers’ pay packets if victorious in the election.
Benjamin Nabarro, Citi’s chief UK economist, stated that Labour would “ultimately tax and spend more than the current baseline,” and warned that the “rot” of low growth in the UK economy had been deepened by a wave of post-crisis regulations.
Citi predicts that the next five years will likely lead to a “painful, but also probably unavoidable” increase in taxes under Labour.
