Paul SeddonPolitical reporter and

Kate WhannelPolitical reporter

Watch: Shadow chancellor pledges tax rebate for young people

The Conservatives say they would give young people a £5,000 tax rebate in their first job, in a bid to help them buy their first home.

In his speech to the party’s annual conference, shadow chancellor Sir Mel Stride also said the party would abolish business rates for high street shops.

Under the proposals, retail, hospitality and leisure firms in England would be exempted from the tax, up to an annual limit of £110,000 per year.

The party says both policies would be paid for from a savings drive worth £47bn a year from cuts to welfare, the civil service and foreign aid.

In his speech, Sir Mel sought to draw a line under Liz Truss’s disastrous 2022 mini-budget, in a bid to reposition the Tories as the only party that can be trusted to effectively manage the public finances.

He attacked Labour’s record in office, adding they would leave a “mountain of debt for the next generation”.

But he argued Reform UK’s spending plans were “just as bad”, accusing the party of promising “tens of billions in unfunded commitments” at the last election.

He told activists that Nigel Farage’s party were “marching to the left” on economic policy, with “more spending and more debt”.

“We’re the only party that gets it. The only party that will stand up for fiscal responsibility,” he added.

“And that means we have to face some hard truths to which other parties turn a blind eye.”

£5,000 savings pot

Under the Tory housing plans, people would see the first £5,000 of National Insurance they would have paid in their first job redirected into a nominated savings account of their choice.

The proposa
Read More

Paul SeddonPolitical reporter and

Kate WhannelPolitical reporter

Watch: Shadow chancellor pledges tax rebate for young people

The Conservatives say they would give young people a £5,000 tax rebate in their first job, in a bid to help them buy their first home.

In his speech to the party’s annual conference, shadow chancellor Sir Mel Stride also said the party would abolish business rates for high street shops.

Under the proposals, retail, hospitality and leisure firms in England would be exempted from the tax, up to an annual limit of £110,000 per year.

The party says both policies would be paid for from a savings drive worth £47bn a year from cuts to welfare, the civil service and foreign aid.

In his speech, Sir Mel sought to draw a line under Liz Truss’s disastrous 2022 mini-budget, in a bid to reposition the Tories as the only party that can be trusted to effectively manage the public finances.

He attacked Labour’s record in office, adding they would leave a “mountain of debt for the next generation”.

But he argued Reform UK’s spending plans were “just as bad”, accusing the party of promising “tens of billions in unfunded commitments” at the last election.

He told activists that Nigel Farage’s party were “marching to the left” on economic policy, with “more spending and more debt”.

“We’re the only party that gets it. The only party that will stand up for fiscal responsibility,” he added.

“And that means we have to face some hard truths to which other parties turn a blind eye.”

£5,000 savings pot

Under the Tory housing plans, people would see the first £5,000 of National Insurance they would have paid in their first job redirected into a nominated savings account of their choice.

The proposa
Read More