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LABOUR MANIFESTO | AT A GLANCE

ECONOMY
• Secure the recovery by maintaining public spending this year, while growth is still fragile.
• More than halve deficit by 2014 through economic growth, fair taxes and cuts to lower priority spending areas.
• Cut structural budget deficit by more than two-thirds over next parliament.
• Will not raise income taxes but does not entirely rule out hike in VAT sales tax. However, the party pointed to previous record on not raising VAT and said it was not part of its plan to reduce the deficit.

FINANCIAL SERVICES
• Sell stakes in state-owned banks when deal is right for taxpayer.
• Favours mutualisation of nationalised lender Northern Rock, depending on value for money.
• Give Financial Services Authority power to quash risky pay agreements.
• Introduce global levy on banks, compel banks to keep more capital, create "living wills" for safe wind-downs.

POLITICAL REFORM
• Referenda on changing electoral system to alternative vote for lower house of parliament from first-past-the-post system and on a more democratic, accountable upper house.
• Free vote in parliament on cutting voting age to 16.
• Fixed term parliaments
Foreign affairs and defence
• Promises a strategic defence review to outline funding needs for armed
forces.
• Backs reform of United Nations, global financial institutions, G8 and G20 international forums.

TAKEOVERS
• Two-thirds of shareholders will need to approve takeovers to try to improve outcomes.
• A public interest test for takeovers of strategically important companies like utilities and energy firms
Green recovery
• Aim for 40 per cent low carbon electricity by 2020, create 400,000 new "green economy" jobs by 2015.
• Move towards "zero waste" Britain. Domestic affair.
• Increase spending on frontline education services up to age 19, guaranteed training until 18.
• Legally binding guarantees for health care, national care service for the elderly.
• Protect police funding to sustain numbers on street.