While Labour and the Lib Dems have confirmed they will raise taxes, we’re committed to cutting income tax and rewarding hard work.
Income tax cuts are a key part of our long-term economic plan – to help taxpayers keep more of their hard-earned money and be more financially secure.
In this Parliament, we’ve halved the deficit as a percentage of GDP and cut taxes at the same time – proving that tax cuts and a stronger economy can go hand in hand. In the next Parliament, we’ll do the same – with our five commitments to reward hard work:
Ensure that those who can afford it pay the most in tax, and continue to crack down on tax avoidance and tax evasion
Cut income tax for 30 million people and take everyone who earns less than £12,500 out of income tax altogether
Back aspiration by raising the 40p tax threshold – so that no one earning less than £50,000 pays it
Deliver tax free childcare and a tax cut for married couples – to help families get on in life
Keep taxes low for working people and their families by continuing to cut the deficit and live within our means