What Will The Conservative Win Mean For You?
So as you may of heard, The Conservatives shocked pollsters by winning a majority in the general election last week, which means David Cameron will be Prime Minister for another five years. The Conservative party will form a government without the need of a coalition partner (which was previously the Liberal Democrats).
So now the excitement of the election is over and done with, you may be left thinking what does this result mean for me? Well I have stated a few changes that may effect you and your money at a glance, although nothing is set in stone.
The immeditae effects
The Conservatives will now continue to work on benefits reform, taxes and all the other things George Osborne promised us back when The Budget was announced earlier in the year. You can read all of the top announces made in the budget here.
The changes will include:
A help to buy ISA for first time buyers.
The continuation of the Bedroom Tax.
The rollout of universal credit.
What is universal credit?
If you claim Jobseeker’s Allowance, Income Support, Employment and Support Allowance, Working and Child Tax Credits or Housing Benefit then you will eventually see your benefits replaced by one single benefit – Universal Credit. There are no limits to the number of hours you can work a week if you can work a week if you receive Universal Credit.
Taxes
There will be no increase of National Insurance, income tax or VAT for the next two years.
The tax-free allowance will rise to £12,500.
The threshold for the 40p tax band will be raised so you have to earn at least £50,000 a year.
The family home will be taken out of inheritance tax for all but the richest.
Benefits
Cut housing benefits for under 21’s.
Replace Jobseeker’s Allowance with a 6 month youth allowance for those aged 18-21.
Slash total household benefits by £3,000 to £23,000.
Freeze working age benefits for 2 years from April 2016.
Increase the tax-free childcare allowance.
Homes
The new government has pledged to build 200,000 new starter homes for first time buyers under 40.
They plan to build 10,000 new homes to rent at below market rates.
The right-to-buy housing association tenants will be extended.
Other Big Changes
The Government will support 3 million new apprenticeships.
They will freeze commuter rail fares for five years.
They have also pledged to provide more support for carers.
