General Election 2010 What the Parties Say - Money

The Conservative Party – Money Get rid of most of the money the UK owes within 5 years. Cut spending on everything except health and foreign aid. The Bank of England to make sure banks acting sensibly and ask other countries to keep an eye on their banks. No tax to be paid on money people leave when they die until it reaches £1m. Stop a planned rise in a tax called National Insurance for everyone who earns less than £35,000. Get rid of a tax called Stamp Duty for first-time buyers on homes up to £250,000. Cut the tax paid by businesses to 25p or lower. Cut the cost of the people who help run the country (the civil service) by 33% over five years. Put online everything the government spends over £25,000.

The Labour Party – Money Already have done a lot of things to deal with the economic crisis. Have saved banks which have failed, protecting the people who use them. Will cut the amount the UK owes by 50% in 4 years. The bonus (extra) payments given to bankers are being taxed. A higher tax rate for people who earn a lot of money. Increase National Insurance (for health and social security) payments by 1% from April 2011; Get rid of a tax called Stamp Duty for first-time buyers on homes up to £250,000 for 2 years. Make the Stamp Duty higher for properties worth over £1 million from Not increase the tax paid on money left when people die for 4 years/ increase spending in the NHS and schools but freeze or cut spending in other areas between Control banks more so that they cannot lose people’s money.

The Liberal Democrats – Money If banks fail, they will be taken over by the government. Make £15bn of spending cuts from where they do not affect people greatly to begin to get rid of the money which the UK owes. People will begin to pay tax when they earn £10,000 instead of £6,475. Make it harder for people to cheat and not pay enough tax. People who live in very large houses worth over £2 million will pay a special tax. Pay any young person completing an internship or work experience £55 a week for three months. Make banks separate the money that they use look after for people from the money they spend.

The Green Party – Money Make sure that banks are not too big (so that they cannot make huge mistakes which affect many people). Be tougher on people who don’t pay tax and make it more difficult for people who put their money into countries where they don’t pay tax. Put a tax on money which is spent abroad. Make sure that banks have enough money before they are allowed to trade. Increase the tax paid by people who earn a lot of money. Merge together Income tax and National Insurance (which everyone pay) Get rid of taxes on things we buy and change them to taxes on things which harm the environment.

UKIP – Money Everyone will pay the same percentage in a single income tax / national insurance tax even if they earn a lot of money. People will not pay tax until they earn £11,500 instead of £6,475. Get rid of the tax people pay on money left when somebody dies. Get rid of the tax we pay on things we buy (VAT) and get councils to set a local Sales Tax.