How do the Conservative, Lib Dem and Labour manifestos compare? Take a look at just a few of the key points highlighted by the parties that might impact your finances in the future.
- “Get Brexit done”. Start putting the withdrawal agreement signed with the EU27 in Brussels last month through parliament before Christmas and leave the EU in January.
- No increase in income tax, national insurance or VAT.
- Raise NI threshold to £9,500 in 2020.
- Keep 19% corporation tax and increase the employment allowance for small businesses.
- Raise teachers’ starting salaries to £30,000.
- “Encourage” a market in long-term fixed rate mortgages.
- Introduce a “better deal for renters”, including abolishing no fault evictions and requiring one “lifetime” deposit that moves with the tenant.
- Carry out a fundamental review of the rates system to cut the burden on businesses.
- £250m a year (for at least three years), as well as a £250m capital spending boost, for “wraparound” childcare.
- A majority Lib Dem government would revoke article 50 and ensure Britain stays in the EU.
- Introduce a”start-up allowance” to help new businesses in their first few weeks. Employers would be encouraged to give staff in listed companies with more than 250 employees a right to request shares.
- All children aged two to four will qualify for free childcare for 35 hours a week, 48 weeks a year.
- Those who take the most international flights face a tax rise, while costs would come down for people who take one or two international return flights a year.
- The party has pledged to freeze all peak-time and season ticket train fares.
- Labour will renegotiate a new Brexit deal within three months and hold a referendum on the deal or remain within six months.
- Student tuition fees for full and part-time students will be scrapped and maintenance grants will be re-introduced.
- Two, three and four-year-olds will be entitled to 30 hours per week free preschool education.
- Paid maternity leave will be extended from 9 to 12 months.
- The threshold for the 45% income tax rate will be lowered to £80,000 while a 50% rate will be introduced on salaries of £125,000 and above.
- Parents will be made to pay VAT on private school fees.
- Increase Corporate tax from their current level of 19% to 21% from April 2020, rising to 26% by 2023 (21% for businesses with an annual turnover under £300,000).
- Reverse Conservative cuts to inheritance tax and introduce a new national levy on second homes which are used as holiday properties.
- Tackle rising rents by introducing a cap tied to inflation.
- Scrap the increase to the State Pension age, leaving it at the current age of 66. They also plan to review the retirement age for those in physically gruelling or stressful jobs.
- The Winter Fuel Payment, free bus pass scheme and free TV licenses will be maintained.
- Compensate women born in the 1950s hit by the rise in state pension age.
We will keep you updated on any changes following the election on December 12th.