The Prime Minister has announced a future Conservative government would cut taxes for 30 million hardworking taxpayers – continuing with our long-term economic plan to secure a better future for Britain.
Conservatives want to make the tax system fairer so that people get to keep more of the money they earn. That is why a Conservative Government will cut tax for hardworking people.
A future Conservative Government will raise the tax-free personal allowance from £10,500 to £12,500. That will take 1 million more of the lowest paid workers out of income tax – and will give a tax cut to 30 million more.
Conservatives will also raise the threshold at which people pay the 40p rate from £41,900 to £50,000. This will bring fairness back to the tax system. This will be paid for by taking difficult decisions on spending – Conservatives will cut taxes and cut the deficit, just like we have in this Parliament.
Conservatives believe that if you work hard and do the right thing, you should keep more of your own money to spend as you choose.
That’s why cutting taxes is a key part of our long-term economic plan – securing a better future for Britain by making hardworking taxpayers and their families more financially secure.