Tax breaks for landlords and NI cuts top Tory manifesto pledges as Rishi targets homebuyers
10 June 2024, 23:12 | Updated: 10 June 2024, 23:25
Rishi Sunak is expected to unveil the Conservative's manifesto in full on Tuesday, with the party focussing on "bold action" and tax cuts - including to National Insurance and breaks for landlords.
Listen to this article
Loading audio...
The manifesto is expected to outline £13 billion in tax cuts that will create a "more secure future" by pledging to cut taxes, boost the economy, curb migration and build new homes.
The cuts are expected to be funded by an overhaul of the current welfare system.
It follows speculation that the Conservatives are set to permanently abolish stamp duty for first-time buyers of properties costing up to £425,000 as part of the manifesto.
It is also expected to guarantee that income tax, national insurance and VAT will not be raised.
It comes as the Prime Minister admitted on Monday that "it has got harder" for people to own their own home under a Conservative government.
He added that despite the difficult realities of home ownership, he "wants to make sure that it's easier".
The PM is also expected to take a swipe at Labour leader Keir Starmer as part of his speech, saying: "He says he’s a socialist, and we know what socialists always do: take more of your money."
The PM is set to stand by his controversial £2,000 tax increase claim, a figure that has seen him face widespread criticism in recent days, including claims from Keir Starmer that the calculation is a 'breach of the ministerial code'.
During the televised debate, Mr Sunak repeatedly accused Labour of planning to hike taxes for the average household by £2,000, claiming that analysis showed Labour has a £38.5bn blackhole in its spending plans.
It comes as Rishi Sunak also admitted in an interview on Monday that he has not controlled Britain’s borders as Prime Minister, with 'Stop the Boats' a central part of his 5 point plan.
As part of his speech, the Prime Minister is expected to say: “We Conservatives have a plan to give you financial security."
The Conservatives' manifesto plans are expected to include:
- A Triple Lock Plus to protect pensioners from paying income tax on the State Pension.
- A parents’ tax cut, which will see the High Income Child Benefit Charge threshold increased for single-earner families, rising to £120,000 from the current figure of £60,000.
- A guarantee that income tax, national insurance and VAT will not be raised.
- A workplace pension guarantee to not introduce any new taxes on pensions or increase existing ones for the whole of the next Parliament.
- A family homes guarantee by committing not to change number of council tax bands, undertake an expensive council tax revaluation or cut council tax discounts.
- An ambition to abolish the double tax on work when financially responsible to do so.
As part of his speech, the Prime Minister is expected to say: “We Conservatives have a plan to give you financial security.
"We will enable working people to keep more of the money you earn because you have earned it and have the right to choose what to spend it on.
“Keir Starmer takes a very different view. He says he’s a socialist, and we know what socialists always do: take more of your money.
"And we know that the plans Labour have already announced will require them to increase taxes on working households by £2,094.
“We Conservatives have had to take difficult decisions because of Covid. But we are now cutting taxes for earners, parents and pensioners.
“We are the party of Margaret Thatcher and Nigel Lawson, a party, unlike Labour, that believes in sound money.
“In this party, we believe that it is morally right that those who can work do work, and that hard work is rewarded with people being able to keep more of their own money.
"We will ensure that we have lower welfare so we can lower taxes.”
