General Election day is fast approaching and political parties have begun to release their manifestos. Here are six key points from four main parties...
General Election day is 8 June. And so far the Conservatives, Labour, the Liberal Democrats and Welsh party Plaid Cymru have released their manifestos.
Here is where each of them stand on key financial services policies:
1. Triple Lock
Labour, the Liberal Democrats and Plaid Cymru have pledged to retain the basic state pension triple lock until the next parliament.
The Conservatives have said they will keep the policy until 2020 and then replace it with a double lock, which would see the basic state pension rise in line with earnings or inflation, depending on which is highest. It would do-away with the guaranteed 2.5% state pension increase under the current system.
Theresa May confirmed the Conservatives would raise the means-tested threshold for elderly care from £23,250 to £100,000, which would be taken from a person's estate when they die.
She also confirmed winter fuel payments, which the elderly currently receive regardless of need, would be means-tested.
The Liberal Democrats said tax changes (outlined below) would fund the NHS and social care services.
Meanwhile, Labour said it would "lay the foundations of a National Care Service" in its first term. It also said it would increase social care budgets by £8bn over the lifetime of the next Parliament.
3. State Pension Age
The Conservatives plan to increase the state pension age in line with life expectancy, though no further specifics were given in the manifesto.
Labour meanwhile vowed to reject the Conservative proposal to increase the state pension age even further, and said it would commission a new review into pension age, specifically tasked with developing a flexible retirement policy to reflect variations in life expectancy and the different nature of working lives.
Plaid Cymru also opposed increases in the state pension age.
4. Income tax
Labour plans to introduce a 50p income tax rate that would come into effect at an income threshold of £123,000, while those earning more than £80,000 would be subject to a 45p rate, raising an additional £6.4bn from high earners.
The Liberal Democrats plan to raise all income tax by 1p to raise £6bn for the NHS and social care services.
The Conservatives said they would increase the personal tax allowance to £12,500 by 2020 and the higher rate threshold to £50,000.
The party also pledged to simplify the tax system, which would benefit in particular the self-employed and small businesses, although it gave no indication of how it would do so.
5. Auto-enrolment and pension tax
The Conservatives plan to expand auto-enrolment to include small employers and the self-employed. Both Labour and the Liberal Democrats were silent on the matter.
The Lib Dems however, plan a further review of pension tax relief. They want to consider the case for introducing a single rate of tax relief, which would "be designed to be simpler and fairer and would be set more generously than the current 20% basic rate relief".
Labour was the only party to mention the WASPI campaign. It said women affected by the changes to the state pension age would be compensated by extending pension credit to those born in the 1950s.
To avoid a similar situation in the future, Labour said it would "legislate so that accrued rights to the basic state pension cannot be changed, but future benefits can."
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