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. 

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