UK's Labour plan to raise government spending by 83 bln stg

Britain's opposition Labour Party said on Thursday it would increase annual government spending by 82.9 billion pounds ($107.3 billion) by the 2023/24 financial year if it wins Dec. 12's national election, on top of increases in public investment.

Labour said in its manifesto that the extra spending would be fully covered by higher taxes on top earners and business.

The party said it would aim to run a balanced budget for non-investment spending after five years, and keep debt interest payments below 10% of tax revenues, but would waive these rules if the Bank of England restarted quantitative easing. ($1 = 0.7729 pounds)

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