The Conservative Party believes that if someone works hard and earns money, they should be able to spend as much as possible, as they like. The Government has no intrinsic right to it: it’s yours. This is why low taxes are so important. People spend their own money, helping the economy.
Since 2010, this Government has cut income tax for over 24 million people, with an average saving of £705, but the Conservatives want to go further after the election. We plan to take everyone who earns less than £12,500 out of income tax altogether, and raise the 40p tax threshold so that no-one earning less than £50,000 pays it. This will provide a tax cut and more disposable income for 30 million people. It will help the economy to grow.
We would do this while cutting the deficit. Over the last five years, Conservatives in Government have halved the deficit while cutting income tax, and in the next Parliament, we’ll do the same again: eliminating the deficit while reducing taxes. The Prime Minister has said that after years of sacrifice, the British people deserve a reward. People whose hard work and personal sacrifices have got this country through the difficult times should come first.
The other main parties have said that, instead, they would tax people more. This would not recognise the sacrifices that the British people have already made, and it would be an attack on aspiration. Only the Conservatives are committed to cutting taxes and building a Britain that rewards work.
Our long-term economic plan will cut tax, create growth, and allow us to cut the deficit.