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The announcement that the Income Tax Personal Allowance
will rise to £10,000, confirmed in the Budget, means the Liberal Democrats’ top
priority at the 2010 General Election has been delivered in full by the
Coalition Government. It means:

·        
A £700 tax cut for 24.5m working people across
the UK since the Liberal Democrats came to power.

·        
2.7m low paid workers will no longer pay Income
Tax at all.

·        
For the average family, we have cut the Income
Tax bill by a third.

·        
It is enough for a working couple to pay their
council tax or combined gas and electricity bills for a year.

·        
The Coalition commitment to raise the threshold
to £10,000 by 2015 will be achieved a year early, in April 2014.

Letting you keep more of the money you earn is a key part
of our plan to build a stronger economy in a fairer society, enabling everyone
to get on in life.

The £700 tax cut comes alongside more help for working
families in the Budget, which confirmed a freeze in fuel duty and £1,200 off
the cost of childcare for every child.

Commenting, Liberal Democrat Chief Secretary to the
Treasury Danny Alexander said: “When times are as
tough as they are now, our focus must be on helping those on low and middle incomes.
That’s why we’ve made delivering on this promise our number one priority in
Government.

“It’s also why we have scrapped
another of Labour’s fuel duty rises, so filling up your car will be £7 cheaper
than under Labour plans. And why we are cracking down on tax dodgers so that
everyone is paying their fair share.

“All of this has been done while sticking to our tough but necessary
plan to deal with this country’s financial problems. Britain can’t afford
unfunded giveaways – unlike the last Labour government, we have made sure
everything is paid for.

“The success of the Liberal
Democrats in delivering fairer taxes is in stark contrast to record of the
Labour Party. In Government, Labour increased tax on low income households; in
Government the Liberal Democrats have led the largest programme of tax cuts for
working people for a generation.

“I’d like us to go further
after the election – with the goal that you don’t pay Income Tax until you earn
more than the minimum wage. That is the sign of a fair tax party. Today we
should celebrate the fact that this Budget is getting real help to millions of
working people at a time when they need it most.”

While today’s announced rise in the Personal Allowance to
£10,000 comes into effect next year, people on low and middle incomes will see
more money in their pay packets next month. This April sees the biggest ever
rise in the Personal Allowance – to £9,440. That’s a £600 tax cut for working
people since the Liberal Democrats came to power, with more to come next year.

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The Liberal Democrats are building a stronger economy and a fairer society enabling everyone to get on in life. That’s why we believe helping working families is so important. As well as tax-free childcare, Liberal Democrats are helping working parents by cutting their Income Tax bills, by £600 a year as of April, and extending the amount of free early years education available for all children.

Commenting, Nick Clegg said: “I want to help every family to get on in life. Already we have created a million private sector jobs, put money back in people’s pockets by cutting Income Tax and extended free childcare entitlements for pre-school children.

“Delivering tax-free childcare is the next step to ensuring all families can work and get on. The rising cost of childcare is one of the biggest challenges parents face and it means many mums and dads simply can’t afford to work. This not only hurts them financially, but is bad for the economy too. This announcement of a £1bn investment in childcare will make sure it pays to work.

“An extra £1,200 for each child will make a real difference to families who find themselves constantly worrying about how to juggle their family budget.  And extending support for working families on Universal Credit will make sure it is worth working extra hours even if you’re on low wages.”

The new tax-free childcare scheme will double the amount of support available compared to the current employer supported childcare scheme, opening it to around five times as many families.    Once fully up and running, it will be worth up to £1,200 per child. It will be phased in from autumn 2015 and will ultimately be open to around 2.5m families with children under 12.

To be eligible, families will have both parents in work, with each earning less than £150,000 a year, and will not already receive support through tax credits and later, Universal Credit. They will receive 20% – equivalent to the basic rate of tax – of their yearly childcare costs up to £6,000 per child.

The Coalition will also increase the amount of childcare support available through Universal Credit by £200m help improve work incentives and ensure it is worthwhile to work up to full time hours for low and middle income parents.

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This campaign has been a fantastic sign of our strength and a huge testament to the hundreds of volunteers who gave their time and effort for us throughout the campaign. There have been huge levels of enthusiasm shown by our activists throughout the ca…

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