National News

Labour are now a serious risk to our economy’s security and your family’s security.

Whether it’s raising taxes on jobs and earnings, racking up more debt or driving up the cost of living by printing money – Jeremy Corbyn’s Labour Party will hurt working people.

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With three cars built every minute, car production in the UK is at its highest level since 2008.

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A Conservative Party analysis reveals that Labour’s leadership candidates would cost working families at least £1,000 in higher debt and taxes.

The election delivered a clear verdict – the party that left a note saying there was no money left still couldn’t be trusted with the nation’s economy. But Labour haven’t learnt. All four leadership candidates have offered more of the same: more welfare, more borrowing and more taxes – exactly what got us into a mess in the first place.

It would be hardworking families who end up paying the price for these unfunded promises. The commitments made during this contest alone would cost every working family at least £1,000 in higher debt and taxes. This rise in debt and taxes would mean less money in working people’s pay packets, fewer jobs and a weaker economy.

Read the briefing in full (PDF)

The British people have worked too hard to clear up the mess Labour left behind to go through all that again and will conclude that – whoever ends up taking charge – Labour haven’t changed.

They still have no plan for the economy, just the same old policies that left the country in such a mess the last time around. Working people would pay for it.

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Our Summer Budget delivers security for working people - and delivers on the promises upon which we were elected:

  • Growing the economy and getting the national finances under control with the national debt falling. We have a balanced plan to finish the job on the deficit and run a surplus - so our country lives within its means and we’re better prepared for whatever storms lie ahead.
  • Supporting working people with lower taxes. From next year you will be able to earn £11,000 before paying any income tax at all, boosting the typical taxpayers' wages by £80 in total. We will also raise the 40p rate to £43,000, lifting 130,000 people out of this higher tax rate. This is the first major step to delivering our election commitments.
  • Cutting tax on business by reducing Corporation Tax to 18 per cent. We’ve already taken this rate to the lowest in the G20 and aligned it for large and small businesses, but we cannot afford to stand still so will cut it further to send out the message that Britain is open for business.
  • Higher pay with a new National Living Wage. We will introduce a new National Living Wage for all working people aged 25 and over. It will start next April at £7.20 an hour and we expect it to reach over £9 by 2020. It will mean two and a half million people get a direct pay rise. Those currently on the minimum wage will see their pay rise by over a third this Parliament, a cash increase for a full time worker of over £5,000. We’re also increasing the Employment Allowance by 50 per cent so a firm will be able to employ 4 people full time on the new National Living Wage and pay no national insurance at all.
  • Taking the family home out of inheritance tax. Today there are more families pulled into the inheritance tax net than ever before. Our new residential allowance will mean you can pass up to £1 million on to your children inheritance tax free.
  • Strengthening the nation’s defences. We will meet the NATO pledge to spend 2 per cent of our national income on defence – not just this year, but every year of this decade.
  • Putting welfare spending on a sustainable footing. Britain is home to 1 per cent of the world’s population; generates 4 per cent of the world’s economy; and yet pays out 7 per cent of all the welfare spending. This is not sustainable - so we have set out a package to save £12 billion from welfare so we better protect spending on public services.
  • Tackling tax avoidance, evasion and aggressive tax planning. The package of measures put together finds the further £5 billion we promised at the election. We’re also tackling fundamental unfairness in the non-dom regime by abolishing the permanent non-dom tax status.
  • Improving the productivity of our economy. We will soon set out our comprehensive Plan for Productivity, but today I’ve announced a new Roads Fund. From the end of this decade, every single penny raised in Vehicle Excise Duty in England will go into that Fund to pay for the sustained investment our roads so badly need. This, alongside other measures to cut taxes for business, including an increased permanent Annual Investment Allowance at £200,000, will support business to invest and create more jobs.

This Budget keeps us moving from a low wage, high tax, high welfare economy to a higher wage, lower tax and lower welfare society. It puts security first. The economic security of a country that lives within its means. The financial security of lower taxes and a new National Living Wage. The national security of a country that defends itself and its values. It is a big Budget for a country with big ambition.

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We will introduce a new National Living Wage for all working people aged 25 and over. It will start next April at £7.20 an hour and we expect it to reach over £9 by 2020.

It will mean two and a half million people get a direct pay rise. Those currently on the minimum wage will see their pay rise by over a third this Parliament, a cash increase for a full time worker of over £5,000.

We’re also increasing the Employment Allowance by 50 per cent so a firm will be able to employ 4 people full time on the new National Living Wage and pay no national insurance at all.

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We're strengthening the nation’s defences, and committing to meet the NATO pledge to spend 2 per cent of our national income on defence – not just this year, but every year of this decade.

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We're supporting working people with lower taxes.

From next year you will be able to earn £11,000 before paying any income tax at all, boosting the typical taxpayers' wages by £80 in total. We will also raise the 40p rate to £43,000, lifting 130,000 people out of this higher tax rate.

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We'll restore common sense to our legal system by scrapping the Human Rights Act and introducing a new British Bill of Rights.

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The latest employment figures from the ONS show wages are rising, unemployment is falling - and our plan is delivering more security for hardworking families across Britain.

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The Childcare Bill will double free childcare available for all working parents of 3 and 4 year-olds to 30 hours a week. And to underline our commitment to support working families, the Prime Minister is announcing plans to introduce the changes for some families a year earlier than planned, together with a commitment to increase the average funding rates paid to childcare providers.

Our message is clear – this Government is on the side of working people – helping them get on and supporting them at every stage of life.

That is exactly why we are pressing ahead with these reforms – so that not a moment is lost in getting on with the task – going further than ever before to help with childcare costs, helping hardworking families and giving people the opportunity to get into work.

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