Tory Manifesto Promises Tax Cuts and Perks for Pensioners as Labour Slams Costly Proposals

Tax reductions and promises to retirees are key in Conservative platform – yet Labour criticizes it as 'the costliest panic ever'

Rishi Sunak intends to evoke Conservative icons Margaret Thatcher and Nigel Lawson by presenting the Conservatives as the champions of "stable finances" – and by criticizing Sir Keir Starmer as a "socialist".

Political journalist @Journoamrogers

Tuesday, June 11, 2024, 12:

The Conservative Party is set to place their proposals for retirees at the forefront of their election platform, which will be unveiled today.

The platform will reaffirm previously declared commitments to implement the "triple lock plus" for retirees, which includes a new tax exemption based on age, alongside assurances to keep key taxes from rising.

The release comes after a tumultuous four-day period for the Prime Minister, who had to dispel speculation that he thought about stepping down following criticism for leaving the D-Day events prematurely last week.

Seeking to regain momentum, Mr. Sunak will emphasize that, as the party of Margaret Thatcher and Nigel Lawson, the Conservatives are committed to fiscal responsibility and aim to reduce welfare in order to decrease taxes.

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In an article for the Daily Telegraph, Mr. Sunak outlined additional manifesto commitments aimed at assisting individuals in purchasing their first home.

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The Day the Conservative Party Released Their Manifesto

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He stated: "Homeownership enhances financial stability, embeds individuals within the community, and, echoing Mrs. Thatcher, serves as a principal safeguard of personal liberty."

The manifesto will not only confirm the elimination of stamp duty for first-time property buyers on homes valued up to £425,000, but it will also offer capital gains tax concessions for landlords who sell to their current tenants, along with introducing a revamped Help to Buy program.

Mr. Sunak hailed the initiative as "transformational," offering a new build home equity loan covering up to 20% of the cost. Additionally, it includes a manageable five percent deposit option tailored for first-time homeowners.

At today's launch, Mr. Sunak will reiterate several of his policies.

• Increasing the limit for the high-income child benefit charge for families with a single earner to £120,000 from the existing £60,000.

• A pledge to keep income tax, national insurance, and VAT rates stable, with no increases.

• A promise to refrain from introducing any new pension taxes or raising existing ones throughout the next parliamentary term.

• A commitment to maintain the current number of council tax bands, avoid revaluating council taxes, and preserve existing council tax discounts.

• A goal to eliminate national insurance when it is economically feasible to do so.

Labour has criticized the promises as a "reckless array of unbacked pledges" and described the manifesto as "the costliest bout of hysteria ever recorded."

The Prime Minister plans to distinguish his stance from that of the Labour Party by asserting that Sir Keir Starmer's unwillingness to adhere to the enhanced triple lock pledge essentially introduces a "retirement tax."

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He is anticipated to declare: "Our Conservative party has a strategy to ensure your financial stability. We aim to let working individuals retain a greater portion of their earnings, as you have rightfully earned it and should decide how to spend it."

Keir Starmer holds a distinct perspective. He identifies as a socialist, and there's a common belief about socialists: they invariably end up increasing your taxes.

"We represent the legacy of Margaret Thatcher and Nigel Lawson, distinguishing ourselves from Labour by championing the principle of fiscal responsibility."

"In our party, we hold the conviction that individuals who are capable of working should indeed work, and that diligent effort should be compensated by allowing people to retain a greater portion of their earnings. We are committed to reducing welfare in order to decrease taxes."

One of the initial promises made by Mr. Sunak, targeting the compulsory national service for 18-year-olds, was designed to engage younger constituents. However, it is his strategies focusing on older voters that have captured the most interest to date.

Mr. Sunak has committed to several major initiatives, including increasing the levelling up funds, promising 30 towns each £20 million. Additionally, he aims to enhance local healthcare services by expanding the Pharmacy First program and constructing 100 new GP offices while modernizing an additional 150.

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The new triple lock plus policy will increase the personal income tax allowance for retirees, resulting in a tax reduction of approximately £95 in the 2025-26 financial year, which will further increase to £275 by the 2029-30 fiscal year.

At a media briefing on Sunday, Jonathan Ashworth, the Labour Party's shadow paymaster general, dismissed criticisms from the Conservatives alleging that his party failed to adopt their policies, contending that it is not the responsibility of the Labour Party to mimic them.

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"He emphasized the importance of highlighting this issue, and that's exactly what we are doing today," he continued. "Regardless of what the Tories propose tomorrow, the funds simply aren't available."

Wendy Chamberlain, the Liberal Democrat spokesperson for work and pensions, criticized the Conservative Party's manifesto, stating that it has no real value.

"She said the only thing they can reliably ensure is absolute failure."

"Their campaign is already failing, and the promises they're making are merely a last-ditch effort to save Rishi Sunak."

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