The Conservative Party has today pledged to cut out the bulk of Labour’s planned one per cent rise in National Insurance set to come in next year in its manifesto for the upcoming election.
The rise would be reversed for anyone earning less than £35,000 under a Tory government – a move the party says will save 50,000 jobs.
At the unveiling at Battersea Power Station today, David Cameron called his party’s pledges “a manifesto for a new kind of politics.”
The manifesto also pledges to create 20,000 new young apprenticeships and would introduce workplace training through schools. SMEs will get a £2,000 bonus for hiring apprentices.
If David Cameron prevails, the headline rate of corporation tax will be reduced to 25p. The rate for small companies will be reduced to 20p.
Commenting, EEF director of policy Steve Radley said: “Steps to reduce corporation tax, simplify the complex tax system and boost the R&D tax credit are welcome. However, this has to be set in the context of plans to reduce the deficit overall and include measures to reflect the true costs of modern machinery for capital intensive, high-value manufacturers.”
See conservatives.com for the full manifesto.