Update on the plan for growth

 The Conservative plan for Growth focuses on boosting Britain's economic growth 

  • In the face of Putin’s war in Ukraine and rising energy prices we need  a new approach focused exclusively on economic growth through supply side reforms and incentives for business.
  • That is why the Conservatives have launched our Growth Plan for a new era in which Britain will focus on supply side reforms by liberating the private sector, boosting business opportunities, and slashing red-tape to increase investment, skilled employment, quality infrastructure, home ownership and enterprise across the UK.
  • This will deliver the economic growth the UK needs – so we can afford  higher wages, better public services and greater opportunities for the British people without saddling families and businesses with tax rises.

Worked examples of family benefits from the Growth Plan

  • Over 30 million people will see tax cuts as a result of our changes to income tax and National Insurance. For example, someone earning £30,000 will pay £400 less tax next year. This is on top of cuts to Stamp Duty for those looking to buy a house or get on the property ladder.
  • Due to the Energy Price Guarantee a typical household will save around £1,000 and a business will pay less than half the wholesale prices anticipated this winter.
  • A typical person living in a flat will save £800 on the household's energy bills – and if they are working full time on National Living Wage, over an additional £100 on tax. This is around £900 in total.  
  • A typical person in a semi-detached property will save £1,150 on the household's energy bills – and if they are earning £30,000 almost an additional £400 on tax. This is around £1,550 in total. 
  • A typical family moving into a semi-detached property will save £2,500 on Stamp Duty and £1,150 on energy bills – and if they have a combined income of £50,000 around an additional £560 on tax. This is around £4,200 in total. 
  • A typical family moving into a semi-detached property will save £2,500 on Stamp Duty and £1,150 on energy bills – and if one worker earns £50,000, almost an additional £850 on tax. This is around £4,500 in total.
  • A typical first time buyer in London moving into a representative terraced house will save £11,250 on Stamp Duty and £1,050 on the household’s energy bills – and if they earn £30,000 almost an additional £400 on tax. This is around £12,700 in total. 

Comments

Post a Comment

Popular posts from this blog

Nick Herbert on his visit to flood hit areas of Cumbria

Please note that the post below was published more than ten year ago on 21st November 2009 Nick Herbert MP, shadow cabinet member for the Environment, Food, and Rural Affairs, was in Cumbria this morning to see the areas affected by the flooding. He writes on Conservative Home about his visit. Here is an extract. I’ve been in Cumbria today to see the areas affected by the floods. I arrived early in Keswick where I met officials from the Environment Agency. Although the river levels had fallen considerably and homes were no longer flooded, the damage to homes had been done. And the water which had got into houses wasn’t just from the river – it was foul water which had risen from the drains. I talked to fire crews who were pumping flood water back into the river, and discovered that they were from Tyne & Wear and Lancashire. They had been called in at an hours’ notice and had been working on the scene ever since, staying at a local hotel. You cannot fail to be impressed by the
Read more

Quotes of the day 19th August 2020

Image
"Wise men profit more from fools than fools from wise men; for the wise men shun the mistakes of fools, but fools do not imitate the successes of the wise."  ( Cato the Elder , who lived 234 BC - 149 BC, quoted in "Lives" by Plutarch.) There is a similar saying by Germany's Iron Chancellor, Otto von Bismarck: Benjamin Franklin is supposed to have put the same saying in a more humorous form: "Wise men profit by the mistakes of others, while fools will not learn even from their own blunders." See also this thread on the "Quote Investigator" website . Let us all be wise and learn from the events of the last few days.
Read more

Quote of the day 24th July 2020

I was moved to put the passage below forward as a quote today when I saw a horrible post on twitter from someone writing that it was "excellent" that someone who took a different view from her about Brexit had died. I won't write which way round it was so that all the Remain supporters can assume the post was from a Brexit fanatic welcoming the death of a remainer and all the Leavers can assume it was a Remainiac welcoming one less Brexiteer. There's been plenty of nasty stuff on both sides but if you catch anyone of your own viewpoint  posting something like that who might listen to you, please do call them out on it - and point out that they're giving everyone on your side of the argument a bad name. Anyway, here's the quote from John Donne.
Read more