What is Tory Plan?
Tory is the colloquial term used to refer to the Conservative Party of UK. The Tory Plan refers to the economic plans unveiled by the Tories for the upcoming years including their plans for the future if they get elected in the upcoming British elections.
The plans mostly focus on economic issues, with the Tories portraying themselves as the party that will bring UK’s economy back on track. Simultaneously the Tories have been criticizing the Labour Party for their lack of a clear economic agenda.
The Tory government lead by David Cameron has imposed stringent fiscal cuts in government spending and the future also holds the same, even if the deficit is eliminated as the government plans to use the savings from reduced government spending on public services to provide income tax breaks to its citizens.
Income tax cuts amounting to £7.2 bn, that are widely believed to be in favour of people with higher incomes, will be enforced. Personal tax allowance will be increased from £10,500 to £12,500 by 2020. The 40% income tax will be imposed only on persons earning £50,000 instead of the current £41,865 by 2020.
There will be a two year freeze on working age social security payments including child benefit, tax credit, housing benefit etc by the government from April 2016. Also, a total of £25 bn will be saved by reducing welfare initiatives and pay of public sector employees. The total amount of benefits that one family unit can receive has also been capped at £23,000 instead of the current £26,000.
Targeting the young
Youngsters will not be allowed to avail benefits right out of school. No housing benefit will be available to those younger than 22 years.
The government also plans to tackle rising youth unemployment by setting aside 3 mn for apprenticeships.