The British economy is growing.
New figures show the economy grew by 0.8 per cent in the first three months of 2014 and by 3.1 per cent over the last year. A growing economy means businesses are creating jobs and helping more people benefit from the security and stability of a regular pay packet.
Today’s figures show that Britain is coming back – but we can’t take that for granted. We have to carry on working through our long-term economic plan.
For the first time in a decade all three main sectors of the economy – manufacturing, services and construction – have grown by at least three per cent in the last year.
The impact of Labour’s Great Recession is still being felt, but the foundations for a broad based recovery are now in place. The biggest risk to economic security would be abandoning the plan that’s laying those foundations – which is exactly what Labour would do.
Our Help to Work scheme, which launches today, provides more support than ever before to help the long-term unemployed get into work.
1.4 million people spent most of the last decade under Labour on out-of-work benefits. But a key part of our long-term economic plan is making sure that everyone who can work is in work. So we’re providing new opportunities and responsibilities to the people who Labour abandoned.
Claimants on the Help to Work scheme will attend the Jobcentre every day to search for work, work for their benefits out in the community to gain the skills they need to secure a full-time job or receive intensive coaching from Jobcentre advisers if they face particularly severe barriers to work, like mental health problems or addiction.
We’re seeing record levels of employment in Britain as more and more people move to the security of a job – and we’re determined to support those who have been stuck on benefits for a number of years.
So while Labour wrote off the long-term unemployed, we’re helping them get into work and get on in life.
This week has already seen 5 important signs that our long-term economic plan is building a stronger economy and creating a better, more secure future for hardworking people:
- The International Monetary Fund (IMF) have upgraded their growth forecasts for Britain’s economy – and by more than for any other major advanced economy. More growth means more jobs and more people with the security of a pay packet each month.
- Exports are up, as British businesses grow and reach new customers (British Chamber of Commerce figures, Q1 2014)
- The amount we manufacture is also up – a sign that Britain is beginning to make more and the economy is rebalancing (BCC figures, Q1 2014 and ONS figures, February 2014)
- Consumer spending is up – this increase in confidence is good news for small businesses and high street shops (The VISA expenditure index - 1.6% increase in March)
- Permanent salaries are growing at the fastest rate since July 2007, bringing more financial security to hardworking people (REC/KPMG Report on Jobs, April 2014)
There is still more to do, but our plan is working. The greatest risk to the recovery remains the Labour Party, who would wreck our economy with more spending, more borrowing and more taxes.
Today is an important day for Britain.
As of today, the Conservatives are cutting the jobs tax so over a million businesses will pay up to £2,000 less tax, including 400,000 small businesses that will pay no jobs tax at all.
That means businesses will have extra money to create jobs – so more hardworking people will get the financial security a pay packet brings.
That’s not all. Today we’re also cutting income tax for over 25 million people, saving the typical taxpayer £705 and taking over three million working people out of income tax altogether.
You will keep more of the money you earn and hardworking families will be more financially secure.
Today’s tax cuts are only possible because of our long-term economic plan – a plan with hardworking people at its heart.
Labour have no plan – and would wreck the economy with more spending, more borrowing and more taxes.
That’s why it’s vital that we carry on working through our plan to build a stronger economy and secure a better future for Britain.
Use our income tax calculator today to see how much you’ll save - and share the link with everyone you know.
This week sees the biggest business and personal tax cuts for a generation. The vital changes we’re introducing – paid for by cutting spending - will create more jobs and give more people the security of a pay packet each month.
We’re backing businesses by cutting their taxes so they can create more jobs:
- The ‘jobs tax’ (Employer National Insurance Contributions) is being cut by up to £2,000 - benefiting over 1.25 million employers, over 90 per cent of which are small businesses
- Corporation tax is being cut to the lowest rate in the G7
- We’re helping the high street with a £1,000 discount on business rates for retail properties
- Tax on business investment is being virtually abolished for most businesses
We’re cutting income tax and freezing fuel duty to help hardworking people be more financially secure:
- By increasing the amount you can earn before you start paying tax, we’re cutting income tax for 25 million people, with 2.7 million now taken out of income tax altogether
- We’ve cancelled Labour’s planned rises in fuel duty – saving the average driver £7 every time you fill up
At the same time, our welfare changes are getting people off welfare and back into work.
Our long-term economic plan is building a more resilient economy for the future, and a more financially secure future for hardworking people and their families.
The choice between the Conservatives and Labour on the economy couldn’t be clearer.
Today Parliament voted on Conservative plans to reduce the deficit and cap welfare, in order to build a stronger economy and stand up for people who work hard and play by the rules.
But Labour are all over the place. On the one hand, they voted in favour of our plans; on the other, they say they want to restore the spare room subsidy and increase other welfare spending. They made a promise they know they can’t and won’t keep.
It’s the same old Labour. They have no plan and would wreck the economy with more spending and more borrowing.
Only the Conservatives are committed to reducing the deficit and capping welfare – only the Conservatives have a long-term economic plan to secure Britain’s future.
The 2014 Budget continues our long-term economic plan to give financial security to Britain’s hardworking families.
The Budget helps people who work hard and do the right thing by:
- Cutting income tax for over 25 million people – so low- and middle-earners have more money in their pocket and more security
- Giving pensioners more freedom and flexibility over their pensions – so they can enjoy peace of mind and security in retirement
- Cutting taxes on savings to support people who do the right thing - and help them provide for their family’s future
- Supporting manufacturing and backing business by cutting energy bills and increasing investment
- Cutting the bingo tax and taking a penny off the price of a pint – to protect communities and local jobs
- Building more homes and extending the Help to Buy scheme – to help hardworking people achieve their dream of buying their own home
The 2014 budget has hardworking people at its heart – and continues our long-term economic plan to build a stronger, more competitive economy.
The biggest risk to the economy is Labour’s demands for more borrowing, more spending and more taxes – for which hardworking people would pay.
Only the Conservatives have a long-term economic plan for a stronger economy and a better future.
The Conservatives are helping mums and dads with the cost of childcare – so families feel more financially secure.
We’re increasing our tax-free childcare scheme from £1,200 to up to £2,000 a year per child.
We’re also extending the scheme from under-7s to all children under 12.
So from next September, almost two million working parents will qualify for tax-free childcare.
The difficult decisions we’ve taken as part of our long-term economic plan mean we can help families where both parents, or a single parent, work – so they enjoy a more financially secure future and the peace of mind that their children are being cared for.
Ed Miliband has made his position crystal clear – there will be no referendum on Europe under Labour.
Our relationship with Europe isn’t working and needs to change.
Unlike Labour, the Conservatives have a plan to negotiate a better deal for Britain in Europe then let the British people decide in an in-out referendum by the end of 2017.
Only the Conservatives will guarantee and deliver that referendum. Labour and the Lib Dems won’t and UKIP can’t.
Today Labour announced a new policy that’s paid for by a tax on bankers. But this is the TENTH time they’ve pledged to use a tax on banks and bankers to pay for an election promise.
That means Labour are either spending the same pot of money ten times over or admitting to breaking nine previous promises to spend the money elsewhere.
Either way, it’s more proof that Labour have no credibility on the economy.
Before today’s announcement, Labour had already spent a banks tax on:
1) Reversing the VAT increase – £13.5 billion
2) Increasing capital spending – £5.8 billion
3) Reversing Child Benefit savings – £3.1 billion
4) Reversing Tax Credit savings – £5.8 billion
5) Increasing the Regional Growth Fund – £200 million
6) Cutting the deficit – billions
7) Turning empty shops into community centres – £5 million
8) Spending on public services – billions
9) Building more housing – £1.2 billion
Labour’s sums don’t add up.
The only way they could pay for all these promises would be to borrow more and tax more – which would wreck the recovery and make hardworking families less financially secure.
Only the Conservatives have a long-term plan to secure a stronger economy and a better future.
Labour would ruin the progress we’ve made as a country together. They wrecked the economy once – don’t let them do it again.