Theresa Villiers, Conservative candidate for Chipping Barnet, has welcomed the news that millions of households will be better off as a result of tax and benefit changes coming into effect today. Commenting on these changes, Theresa said:
“Many of the Conservatives’ new tax and benefit changes come into effect from today – including raising the income tax personal allowance to £10,600. These are measures which reward work and encourage saving as part of our clear, balanced, long-term economic plan which is delivering greater financial security for families.”
“Labour left a welfare system where it didn’t pay to work. They left a tax system that took too much from hard-earned paypackets. And they did nothing to help savers.”
“We have turned that around. The tax and benefit changes taking effect will mean 94 per cent of working families are better off by £17 a month – equivalent to £200 a year, and 9 out of 10 pensioner households better off by £15 a month – equivalent to £180 a year. That’s over 22 million households better off this year. And because we believe people should have freedom over the money they’ve worked hard all their lives for, we’re ending the system which forced people to purchase an annuity when they retired.”
“Because of our long term economic plan, people will keep more of their own money, the welfare system will reward people who do the right thing and go out to work, and pensioners will have greater financial security and more flexibility over their pensions.”