Britain's Labour Party pledges 'wealth creation' as it targets landslide election victory

LONDON — Britain's left-leaning Labour Party, considered the front-runner in the upcoming national election, on Thursday said it would be "pro-business" and prioritize "wealth creation" as it released its manifesto.

The party's flagship pledges include the creation of a new publicly owned energy company, a ban on awarding new North Sea oil and gas licenses, reducing patient waiting times in the strained National Health Service, and renationalizing most passenger rail services.

"Economic growth and social justice must go hand in hand," Labour leader Keir Starmer said at a launch event in Manchester, England, calling it a "manifesto for wealth creation, a plan to change Britain."

Labour policies are "fully costed," Starmer said, adding, "You can't play fast and loose with the public finances."

The majority of the manifesto has been previously flagged by the party, including promises to increase windfall taxes on oil and gas firms, remove tax breaks for independent schools, and close what has been described as a "tax loophole" for private equity investors.

It specified plans to raise £7.35 billion ($9.4 billion) by 2028-29 to fund public services through closing further tax loopholes on so-called nondomiciled individuals and reducing tax avoidance, removing tax breaks for independent schools, closing what has been described as a "tax loophole" for private equity investors, and raising taxes on the purchases of residential properties by non-U.K. residents. It said it would make additional green investments through a "time-limited windfall tax" on oil and gas firms, raising £1.2 billion, and £3.5 billion in borrowing.

The party also confirmed it would recognize a Palestinian state, calling statehood "the inalienable right of the