Prime Minister Theresa May says "there is no May-ism" as she unveils her General Election plans in Conservative manifesto

 
Mark Sands
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The UK will head to the polls on 8 June. (Source: Getty)

Prime Minister Theresa May has today revealed the full details of her election plans, including a raft of reforms to intervene in markets and improve corporate governance across the UK's businesses.

Speaking in the Labour-held marginal constituency of Halifax exactly three weeks before the UK heads to the polls, May said the document represented "a vision for Britain", and vowed to build "a great meritocracy" in Britain after Brexit.

"I believe that our United Kingdom can emerge from this period of national change stronger, fairer and more prosperous than ever before," she said.

May said her manifesto, branded "Forward, Together", represented a "credible" and "deliverable" plan, adding that it was "upfront and honest" about the challenges in front of the UK.

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Business

The document, which states that May's Conservatives "do not believe in untrammelled free markets", includes a range of plans to intervene in the operation of British businesses.

On takeovers, it says that strengthened scrutiny on takeovers on the nuclear sector will be expanded to other sectors including telecoms, defence and energy. And outside of critical infrastructure, the manifesto says that undertakings on roles or locations ahead of any takeover should be legally enforceable.

On corporate governance, it states a commitment to stronger representation for shareholders, lays out plans to require listed companies to specify their plans to represent employees interests to boards, and promises a consultation on strengthening the corporate governance of privately-owned firms.

On migration, the document commits the Conservatives to the reduction of net migration to below 100,000 and the doubling of the "skills charge", a £1,000 levy which will climb to £2,000 per employee per year for employers who hire non-EU immigrants in skilled jobs.

May said the plans reflected her desire to make sure the UK was the best place to set up, grow and run a business.

"We do believe in responsible business, and if you walk to to business people they will also say that its better to have an engaged workforce...we do also want to ensure that we set that economic framework in which businesses create jobs," she said.

The manifesto also includes long-trailed plans to intervene in the energy market, introducing a cap on the amounts that suppliers can hike prices for customers on standard tariffs

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Tax

The manifesto sticks to a series of existing tax plans including the raising of the personal allowance on income tax to £12,500. The higher rate of income tax will also be increased to £50,000. And it formally ends Conservative support for the triple Lock on pensions, instead committing to hiking by either earnings or inflation.

Read More: Labour’s manifesto policies would turn the UK into an economic basket case

Homes and care

Earlier this week, May said she would expand the rights of workers, including the ability to request up to a year of leave to look after sick relatives.

The party had already revealed plans to build more council homes and create a new right to buy scheme to support home-ownership across the UK.

It comes after the Conservatives last night revealed plans including changes to the future of social care in the UK.

These included means testing of winter fuel benefits for pensions, and a scrapping of the so called Dilnot Cap on the cost of social care, which would have capped the maximum paid for care at £72,000.

Instead, the Conservatives have revealed they would quadruple the existing limit on assets required to make savers liable for the cost of care.

This rises from £23,250 to £100,000, but will also now include the value of properties.

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