Matt Rodda for Reading East

Standing up for Reading

  • Home /
  • News / Where is the money coming from

Where is the money coming from

blackholes.png

On Monday, the Labour Party published its manifesto. We made clear that every commitment included is paid for with no additional borrowing required.

On Tuesday, the Tories published their manifesto. Our analysis of their spending plans has identified a £25 billion black hole - and it will cost working families £1,439 each.

You can read the full analysis here.

These are the seven spending commitments made by the Tories in their manifesto:

1. The Tories have promised to put an extra £8 billion into the NHS. But they have not been able to say how they will pay for this.

2. The Tories have promised to freeze rail fares for five years, costing £1.8 billion. They have not announced any funds to pay for this.

3. The Tories have set out plans which permit public sector workers to have three days’ paid leave for volunteering. This will cost £1.2 billion. The Tories have not announced any funding to pay for this.

4. The Tories have said they will raise the personal tax free allowance -- the amount you earn before you pay income tax -- to £12,500. The cost of doing this is £6.5 billion. The Tories have not announced any funding to pay for this.

5. The Tories have also promised to raise the threshold for the higher rate of tax, to £50,000. This will cost £3.9 billion. The Tories have not announced any funding to pay for this.

6. The Tories have promised to extend the Right to Buy policy which will cost £4.5 billion. The Tories have only identified £100 million to pay for it.

7. The Tories have promised to give working parents of three and four year-olds 30 hours of free childcare a week. This will cost £1.2 billion. The Tories costing suggests only £610 million to pay for it.

Where is the rest of the money coming from? The answer is you. £25 billion is equivalent to £1,439 a year for every working household in Britain.

Since 2010 the Tories have hit working people hard - putting up VAT and cutting tax credits – while millionaires have been given a tax break. They have done it before. They will do it again.

Reactions

Please check your e-mail for a link to activate your account.

The Labour Party will place cookies on your computer to help us make this website better.

Please read this to review the updates about which cookies we use and what information we collect on our site.

To find out more about these cookies, see our privacy notice. Use of this site confirms your acceptance of these cookies.