More of the same or a massive change to the economic system? This is the choice that the U.K.'s two biggest parties are offering at the upcoming election, according one independent British think tank.
The opposition and pro-social justice party, Labour, has promised a total revamp of the U.K.'s economics.
SALFORD, ENGLAND - NOVEMBER 19: In this handout image supplied by ITV, Prime Minister Boris Johnson and Leader of the Labour Party Jeremy Corbyn shake hands during the ITV Leaders Debate at Media Centre on November 19, 2019 in Salford, England.More of the same or a massive change to the economic system? This is the choice that the U.K.'s two biggest parties are offering at the upcoming"Rarely can a starker choice have been placed before the U.K.
"It is hard to imagine two parties offering more different prospectuses to the British population," Johnson told CNBC. On the other hand, Sajid Javid, the Conservative minister for finance said Thursday: "Independent experts have again confirmed today that Corbyn's plans would mean millions more people paying higher taxes — leaving his manifesto promises in tatters."The Conservative Party said it will no longer go ahead with a previous plan to reduce the corporation tax from 19% to 17% — instead, Prime Minister Boris Johnson wants to invest more in public services.
On the other hand, the Labour party has announced plans to raise the main rate of corporation tax to 21% from April 2020, 24% from April 2021 and 26% from April 2022.
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