Party pledges: Economy and taxes -------------------------------------------------- Conservative: Eradicate budget deficit by 2018 and secure overall budget surplus by 2019-20 Achieve surplus by spending cuts, not tax rises Income tax cut for 30 million people Raise tax-free personal allowance from £10,500 to £12,500 – anyone working 30 hours a week at minimum wage will pay no tax Increase 40p tax rate threshold from £41,900 to £50,000 Labour: Priority to get budget deficit into surplus and national debt falling “as soon as possible” Bring back 50p top rate of tax for earnings over £150,000 Reintroduce 10p starting rate of tax – paid for by scrapping married couples’ tax allowance Bring in “mansion tax” on properties worth over £2m Tax on bankers’ bonuses. Cut all government ministers’ pay by 5% SNP: Oppose UK plans in Infrastructure Bill which will allow oil and gas fracking beneath people’s homes without consent Liberal Democrats: Eradicate budget deficit by 2018 Raise personal allowance to £12,500 by 2020 Introduce “mansion tax” on homes worth over £2m Increase capital gains tax – paid on profits from second homes or shares – from 28% to 35% UKIP: Increase personal allowance to £13,500 by 2020 Abolish inheritance tax New 35% income tax rate between £42,285 and £55,000 Save £8bn a year by leaving EU Plaid Cymru: Establish green energy company and publicly- owned Bank of Wales investment bank. Living wage for all Greens: 50% income tax for earnings over £100,000. Wealth tax on people worth £3m or more. Commit Britain to zero-carbon future ----------------------------------------------------- 05 06 07 08 09 10 11 12 13 14 LAB CON 38.8 31.0 95.4 £156.4bn 137.1 121.4 80.6 97.5 Budget deficit (£ billion, year to Dec) --------------------------------------------------- Sources: Party manifestos, Office for Budget Responsibility words 285