What does a Tory government mean for your money?
After clinching a political win that no one expected, a conservative government is set to rule the country for a further five years.
Before today, a predicted coalition forced party manifestos into obscurity, but now the Conservatives have a real chance at enacting their pledges.
We’ve taken a look at what the party promised – how will a blue Britain affect you?
Taxes
- Raise the personal allowance to £12,500
- Up the 40% tax threshold to £50,000
- No rise in VAT or NI
Housing market
- Help To Buy ISAs will definitely go ahead
- Help To Buy equity loans will be extended to 2020
- Build 200,000 affordable homes, available at a discount to new buyers
Pensions
- Triple lock on pensions
- Roll back tax relief for those earning over £150,000 a year
Benefits
- Conservatives pledged to reduce the welfare bill by a further £12bn
- Lower household benefit cap from £26,000 to £23,000
- Freeze benefits until April 2018
- Job Seekers Allowance for 18 to 21-year-olds will be replaced with a Youth Allowance
- Young people will no longer be automatically entitled to Housing Benefit
- Pledged to fund 3 million more apprenticeships
Childcare
- Pledge to double current hours of free, term-time childcare for three and four year olds to up to 30 hours a week
Rail
Frozen rail fares for five years
