In a bid to save £12bn from the welfare bill by the end of the next parliament, Rishi Sunak, the Chancellor of the Exchequer, has unveiled plans for a crackdown on welfare as part of the Conservative manifesto. Sunak emphasized the importance of keeping people in work and off benefits, framing it as a “moral mission” to promote dignity, purpose, and hope through employment.
The Tory manifesto, set to be launched on Tuesday, will also include a promise to make permanent a scheme that exempts first-time homebuyers from stamp duty on properties worth up to £425,000. This announcement comes amidst a challenging election campaign for the Conservatives, with Labour maintaining a significant lead in opinion polls.
However, Sunak’s welfare reform proposals have faced skepticism from experts, with Tom Waters from the Institute for Fiscal Studies questioning the feasibility of achieving the projected savings. Labour has criticized Sunak’s announcements as desperate attempts to mask the impact of rising benefits costs under the Conservative government.
In response to the Conservative manifesto, Labour leader Sir Keir Starmer has pledged not to increase income tax, national insurance, corporation tax, or VAT in the next parliament. The contrasting approaches to economic policy highlight the key differences between the two major parties as they gear up for the upcoming election.
As the political landscape continues to evolve, the focus on welfare reform and economic recovery will be central to the debate between the Conservatives and Labour. With the election campaign in full swing, both parties are vying for voter support by outlining their visions for the future of the country.