Autumn Statement 2014

Posted: Dec 4, 2014

This Autumn Statement shows our long term economic plan is working: the deficit is falling, employment is rising, the economy is growing.

But only by working through the plan can we stay on course to prosperity – and deliver more security for hardworking families.

In the Autumn Statement, we set out more commitments to back people who want to work hard and get on in life:

  • Reforming stamp duty – 98% of homebuyers who pay stamp duty will pay less tax when they buy their home – a tax cut worth £4,500 when buying the average family home
  • Continuing to back businesses to create jobs – with action on business rates and more help for the high street
  • Abolishing the employers’ jobs tax on apprenticeships for people under 25 to help more young people get the skills they need
  • Continuing to cut income tax by raising the tax-free personal allowance and higher rate threshold – a down-payment on our commitments to raise the personal allowance to £12,500 and the higher rate threshold to £50,000 in the next parliament.
  • Cutting tax for families by abolishing the air passenger duty paid for children
  • Supporting savers by letting husbands and wives inherit their partner’s ISA and keep its tax-free status

These measures are part of our long-term economic plan that is building a stronger, healthier economy.

Next year Britain faces a choice: we can squander the economic security we have gained with Labour’s plans for higher taxes and higher spending – or we can work through our long-term economic plan that is working and stay on course to prosperity.

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