WHAT DOES A TORY GOVERNMENT MEAN FOR YOUR MONEY?

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