While you grow older

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.