UK General Election 2024: Conservative £17 Billion Tax Cut vs. Labour VAT Review and Liberal Democrat Capital Gains Overhaul

UK General Election 2024

Conservative, Labour, and Liberal Democrat Manifesto Plans for Personal Finances

In the run-up to the general election major parties have unveiled manifestos promising significant changes to personal finances, according to the report of The Guardian.

The Conservative Party plans to cut national insurance contributions and eliminate self-employed class 4 Nics by 2027 aiming for a £17 billion tax reduction. However, frozen income tax thresholds may limit gains for lower-wage earners.

Labour pledges no increases in income tax, national insurance, or VAT, while considering VAT on private school fees and reviewing council tax. They aim to keep taxes low for working people.

The Liberal Democrats aim to increase the tax-free personal allowance when finances improve benefiting low-paid workers and overhaul capital gains tax with expanded allowances and new bands.

All parties commit to maintaining the triple lock for pensions ensuring state pensions increase annually by at least 2.5%. Conservatives propose a “triple lock plus” to align personal allowance increases with state pension rises.

The Conservatives plan a £12 billion annual cut in benefits focusing on disability benefit reforms and household income-based child benefits. Labour does not address the two-child limit on benefits. The Liberal Democrats pledge to eliminate both limits and increase support for carers.

For housing, Conservatives promise fixed stamp duty thresholds for first-time buyers and enhanced help-to-buy schemes. Labour proposes a mortgage guarantee scheme and 1.5 million new homes. The Liberal Democrats promise more home construction and the abolition of leaseholds.

READ ALSO: CBO Projects 2024 Federal Budget Deficit To Surge To $2 Trillion Due To Increased Spending

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Parties Plans on No-Fault Evictions, Childcare, Green Policies, and Social Care

All parties promise to abolish no-fault evictions with Labour also empowering renters against rent hikes and the Liberal Democrats favoring three-year tenancies.

In childcare, the Conservatives plan 30 hours of free weekly childcare Labour aims to expand nursery spaces and fund free breakfast clubs while the Liberal Democrats advocate for flexible working rights and increased parental pay.

The Conservatives retract green levies and plan to reverse emission zone expansions. Labour earmarks £6.6 billion for home energy efficiency and the Liberal Democrats propose a decade-long household energy efficiency upgrade.

For social care, Conservatives plan to cap care costs, Labour proposes a National Care Service and the Liberal Democrats advocate for free personal care and a sustainable funding commission.

READ ALSO: $14,000 Rebate Boost: New Energy-Efficient Home Upgrades Initiated Under Inflation Reduction Act!