Economy:
Conservatives: building an economy that rewards the people who work hard and want to get on.
These are difficult economic times, but thanks to the tough decisions we have taken, our economy is now healing. Jobs are being created – over a million in the private sector since the election. We have cut the deficit by a quarter since this Government took office.
We published an emergency Budget as soon as we came to power in June 2010, which brought our economy back from the brink and restored the trust of the financial markets. Our Spending Review later that year then set out our credible plan to get the deficit down.
Cut corporation tax to 24 per cent with a plan to bring it down to 22 per cent by 2014.
Stopped Labour's Jobs Tax.
Launched a Funding for Lending scheme backed by the Bank of England to kick-start lending to businesses and households in the real economy.
Saved businesses £3.3 billion a year in slashed red tape.
Set up the Regional Growth Fund to boost growth in the regions after a decade of neglect under Labour.
And we believe that people who work hard and do the right thing should be rewarded. So we have introduced a cap on benefits so that no one can get more on benefits than the average family earns in work.
We are cutting income tax for the third year running – by April 2013 this Government will have cut income tax for 25 million people and lifted 2 million people out of income tax altogether. Most basic rate taxpayers will be £546 a year better off.
Labour:
"Targeted" increase in public spending over the next year to "sustain the recovery", before cutting the deficit by more than 50% by 2014 and reducing the structural deficit by at least two-thirds over the next parliament
Guarantee people aged 18-24 a job, work experience or training place if they are unemployed for more than six months
Hold a referendum on adopting the Alternative Vote system for Westminster elections and making the House of Lords fully elected by October 2011.
1% cap on public sector pay rises for 2011-12 and 2012-13
Compel banks to keep more capital and create 'living wills' to ensure any failures do not threaten the financial system
Welfare State: • We are introducing the 'Benefits Cap' so that those out of work cannot get more in benefits than the average person earns in work.
• We are rolling the main work-related benefits and tax credits into one, simple payment - the 'Universal Credit' - which will ensure that going into work always pays more than remaining on benefits.
• We have set up the biggest welfare to work programme the UK has ever seen – replacing the existing patchwork of job initiatives with a single programme that helps people back into work and gives them the support they need
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