We’re backing those who work hard and save all their lives.
That’s why we’re abolishing the 55% tax on pension pots – so people can pass on their pension to loved ones with less tax or no tax at all.
Backing savers is a key part of our long-term economic plan to help hardworking taxpayers and secure a better future for Britain.
Pensioners will now be able to pass on more of their hard-earned money. From April 2015, when beneficiaries draw down the income on a pension they will pay only a marginal tax or no tax at all.
That gives people who have worked hard and saved all their lives the financial independence and security to enjoy their retirement and to pass on more to their children and grandchildren.
We’ve already created 1.8 million apprenticeships – and now we’re going even further.
As part of our long-term economic plan, we will deliver three million more apprenticeships by the end of the next Parliament and abolish long-term youth unemployment – so all young people have the opportunity to get on in life.
We’re also scrapping unemployment benefit for 18-21 year olds, and replacing it with a Youth Allowance. This will be time-limited to six months, after which young people will have to take an apprenticeship, a traineeship or do community work to earn their benefits.
It will be paid for by cutting the benefits cap and stopping most young people from claiming housing benefit – so the welfare system doesn’t trap young people in a culture of dependency.
For millions of people, an apprenticeship is the key to realising their potential and securing a better future. With the Conservatives, more young people than ever will benefit from an apprenticeship and get on in life.
Labour haven’t changed – and their Conference proved it.
Labour wrecked the economy when they were last in power, and they’re just not up to it now – as these seven moments show:
1) Ed Miliband ‘forgot’ to mention the deficit in his Conference speech. If the Labour leader ignores our country’s debts, how can hardworking taxpayers have the confidence that Labour won’t wreck the economy again?
2) Ed Balls’ speech included £20.4bn of spending promises and only 1.9bn of savings – an £18.5bn black hole that shows you can’t trust Labour on the economy.
3) Labour’s Shadow Work & Pensions Secretary didn’t know how much the State Pension is – showing that pensions aren’t safe in Labour’s hands.
4) It was revealed that Labour’s tax rises could cost 375,000 jobs – a report from a leading think tank warned that Labour’s plan would leave hundreds of thousands of hardworking families without the security of a pay packet.
5) Labour couldn’t get their sums to add up: their Shadow Health Secretary said he had no idea how their homes tax would help fund the NHS; their Shadow Energy Secretary couldn’t say how much money the homes tax would raise; and their Shadow Work & Pension’s Secretary didn’t know how much their child benefit freeze would save.
6) A new survey showed 85% of Labour candidates don’t think the last Labour government spent too much – proving that Labour still haven’t learned their lesson.
7) The Institute for Fiscal Studies confirmed that Labour’s policies would lead to a ‘higher debt and higher deficit’ – which would put the recovery at risk and make hardworking taxpayers less financially secure.
Labour haven’t changed. They would put the recovery at risk with more spending, more taxes and more debt than our children could ever hope to repay.
It’s same old Labour – and Britain can’t go back to it.
Today a £18.5 billion black hole was found in Ed Balls’ spending plans – proving that you can’t trust Labour on the economy.
In his speech at the Labour Party Conference, the Shadow Chancellor made £20.4 billion of spending promises:
- A British Investment Bank: £3.8bn
- Homebuilding: £10bn
- A 10p starting rate of income tax: £780m
- Cutting business rates: £510m
- A Compulsory Jobs Guarantee: £2.58bn
- Restoring the spare room subsidy: £465m
- Repealing the NHS Bill: £1.5bn
- Extending free childcare: £800m
But set out only £1.9 billion of savings to pay for those promises:
- Scrapping Police and Crime Commissioners: £50m
- Capping child benefit: £120m
- Raising income tax: £110m
- Cutting ministerial salaries: £0.6m
- Restricting winter fuel payments: £105m
- Scrapping the married couples tax allowance: £780m
- Abolishing employee shareholder status: £45m
- Reintroducing the Schedule 19 charge for Stamp Duty: 145m
That’s a black hole in Labour’s spending plans of £18.5 billion – which would have to be made up with more borrowing and more taxes on hardworking families.
Labour haven’t changed.
They have no credible plan for the economy – and worse, they’d put the recovery at risk with more inefficient spending, more taxes, and more debt than our children could ever repay.
Only the Conservatives have a long-term economic plan for a healthier economy and a better future.
Labour would hit growth and cost jobs.
That’s the verdict of the respected Centre for Policy Studies think tank.
A new CPS report says that Labour’s plans for more taxes could cost the economy £25bn over the next Parliament. (Source: Centre for Policy Studies, The Cost of Labour)
Even more importantly, they say that 375,000 jobs could be lost – leaving hardworking families without the security of a pay packet.
It’s same old Labour. Last time they were in power, they left half-a-million more people unemployed and they’d do the same again.
While Labour would cost jobs, our long-term economic plan has helped create 1.8 million new jobs.
While Labour would lead to financial insecurity for families, our plan is helping more people provide for themselves and their loved ones.
While Labour would put the recovery at risk, our plan is securing a better future for Britain.
That’s why we need to keep working through the plan – and why we can’t go back to Labour.