UK election: Labour manifesto says referendum on Brexit will be legally binding

The referendum on Brexit will be legally binding and EU nationals will be granted the automatic right to continue living and working in the United Kingdom, the Labour Party said in its general election manifesto on Thursday, per Reuters.

The British pound weakened slightly in the last minutes and the GBP/USD pair was last up 0.15% on a daily basis at 1.2940.  

Key takeaways

“Energy and water systems will be put into public ownership.”

“Any company that fails to contribute to tackling the climate and environmental emergency will be delisted from the London Stock Exchange.”

“If Britain votes to stay in the EU, this must not mean accepting the status quo.”

“Will introduce a broader public interest test to prevent hostile takeovers and asset stripping of companies.”

“We will take action to address the monopolistic hold the tech giants have on advertising revenues.”

“Will eliminate the current budget deficit by end of rolling 5-year forecast period.”

“Will keep interest repayments below 10% of tax revenue.”

“Will suspend fiscal rules if the Bank of England  advises that monetary policy cannot stabilise the economy or if QE is  expanded.”

“Will raise public investment to around 4.5% of the gross domestic product (GDP).”