David Cameron tells young people: The Tories are the party for you

Posted On: 
30th April 2015

Conservative press release

·         New figures reveal Conservative Personal Allowance pledge will lift half a million under 30s out of Income Tax – a higher proportion than any other age group

·         PM to launch five point guarantee for young people, confirming key policies on jobs, tax, education, savings and housing will be kept right across the Parliament

·         He will make new commitments on access to higher education and youth unemployment.

Half a million under 30s will be lifted out of income tax under a future Conservative government, new analysis has revealed.

The analysis, which comes as the PM launches his Five Point Guarantee for Young People, shows that a million young people have been lifted out of income tax altogether by our decision to raise the tax-free personal allowance to £10,600 over the last five years. Another half a million will be lifted out of income tax under our pledge to raise the threshold to £12,500 by 2020.

This means 7.6% of young people in work will be lifted out of tax when the personal allowance reaches £12,500 by 2020. This is the highest proportion of any age group. In comparison 4.9% of 30-50 years olds and 5% of 50-65 year olds will have been lifted out of income tax.

The new figures come on the day that more than 5 million young people have had their income tax cut on their pay packet – typically keeping £70 more of their monthly salary than in April 2010.

Underlining a future Conservative government’s commitment to young people, the Prime Minister will set out a goal that by 2020, disadvantaged young people will be twice as likely to enter higher education than under Labour. And he will set a long term ambition for the UK to join Canada as the G7 country with the highest youth employment rate.

Confirming that the Conservatives’ key policies to help young people get on will be kept for the duration of the next parliament, he will outline his Five Point Guarantee for Young People: 

-          If you want to learn, we will deliver over 3 million new apprenticeships and keep university places uncapped.

-          If you want a job, we will continue with the Employment Allowance, always make sure there is no national insurance on jobs for people under 21, and abolish the jobs tax on apprentices under 25.

-          If you want to keep more of your own money, we will raise the personal allowance to £12,500.

-          If you want to save, we will introduce a Personal Savings Allowance so you pay no tax on your savings, and if you want to save for a home, we will introduce Help to Buy ISAs.

-          If you want your own home, we will build 200,000 Starter Homes and extend the Help to Buy Equity Loan scheme to 2020.

David Cameron said:

“If you’re young, want to work hard and want to get on, the Conservative Party is the party for you. If you put in, you’ll get out. If you want to work hard and make something of yourself, whether it’s through our apprenticeship programme, abolishing the jobs tax on young people, our income tax cuts or Help to Buy, we are the party of the first chance – the first job, the first paycheque, the first home; the party of every young person who wants get on life.”