Conservatives helping hardworking people – Cost of Living

Labour, who trashed the economy, would love to paint a picture of Conservatives not helping ordinary people but it is just not true. Conservatives are sticking up for each and everyone of you. See how:

• Deficit cut by a third. The squeeze on living standards is a direct result of Labour’s debt crisis and the consequent need to cut the deficit. Their disastrous economic policy has made hardworking people poorer today (ONS, Public Sector Finances: November 2013, 20 December 2013, link).

• Cutting income tax for over 25 million people. We have increased the personal allowance to £10,000, a typical tax cut of £705. Over 3 million people on the lowest incomes will pay no income tax. Someone working full-time on the minimum wage will have their income tax bill cut in half (Hansard, 21 March 2012, Col. 807, link).

• Keeping mortgage rates low by not increasing borrowing. Families are benefitting from low mortgage rates – the two year 75 per cent LTV fixed rate in October 2013 was 2.46 per cent – the lowest since records began (BoE, Quoted Household Interest Rates, Dataset BV34(a), 31 October 2013, link).

• Cutting income tax by half for people on the minimum wage. Thanks to our increase in tax free earnings to £10,000, someone working full-time on the minimum wage will have their income tax bill cut in half (Hansard, 21 Mar 2012, Col. 807, link).

• £360 saved on petrol if you fill up your car once a week. We have cancelled Labour’s planned fuel duty rises, making petrol 13p per litre cheaper than it would have been (HM Treasury, Budget 2013, 20 March 2013, p.53, link).

• £400 off childcare bills by increasing free education and care for 3- and 4-year olds. We have increased the entitlement to free education and care for 3- and 4-year olds to 15 hours a week and extended the entitlement to the most disadvantaged 2-year-olds. (HM Treasury, Spending Review 2010, October 2010; (More Affordable Childcare, Department for Education, 22 April 2013, link)

• Forcing energy companies to put customers on the lowest tariff. We are legislating in the Energy Bill to require energy suppliers to switch their customers to the supplier’s cheapest tariff (DECC Press Release, 20 November 2012, link).

• Delivered the biggest ever cash rise in the Basic State Pension. The Government introduced the triple lock to guarantee that the Basic State Pension always increases in line with earnings, inflation, or 2.5 per cent – whichever is highest. From 2011/12 to 2012/13 that meant a rise of £5.30 – the biggest ever cash rise (HM Treasury, Budget 2012).

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