We will not raise VAT, National Insurance contributions or Income Tax but we will raise the 40p Income Tax threshold to £50,000 and take the family home out of tax by increasing the effective Inheritance Tax threshold for married couuples and civil partners to £1 million- so you can keep more of your income and pass it on to future generations.
We have got a plan that is working, and a Budget that works for you. Thanks to our long-term economic plan, Britain is now walking tall again:
- A growing economy
- A record number of jobs
- Rising living standards
- The deficit down
We now face a critical choice. Do we return to the chaos of the past? Or do we keep on working through the long-term economic plan that is delivering for you?
With this Budget we choose the future:
- We choose stability - committing to run a budget surplus and keep our debt share falling
- We choose jobs - backing business and skills that will create full employment, and supporting pubs and brewers by cutting tax on beer and cider
- We choose the whole nation - investing for a truly national recovery
- We choose responsibility - helping savers with a new Personal Savings Allowance and abolishing savings tax altogether for 17 million people to create tax-free banking
- We choose aspiration - with a new Help to Buy ISA for first-time buyers - so if you save up to £12,000 towards a deposit, the government will contribute up to £3,000
- And we choose families - cutting income taxes for 27 million hardworking people, and cancelling Labour's planned rise in fuel duty
These changes are all part of our long-term economic plan, and it's critical we keep working through it.
There is a simple choice on May 7th: between Labour, propped up by the SNP, who offer the chaos of the past - or the Conservatives, with our long-term economic plan that is working.