Conservatives
Tax
The personal allowance (the amount you can earn before tax) would increase to £12,500 by 2020, and the higher rate to £50,000. There would be no increase in VAT and the business rate system would be reformed. The tax on big business (corporation tax) is due to fall to 17% by 2020, which would make it the lowest of any developed country.
Pay
Companies with more than 250 employees would be required to publish data on the pay gap between men and women. The Conservatives pledge to increase the minimum wage to 60% of median earnings by 2020 and by the rate of median earnings thereafter. Legislation would be introduced to make executive pay subject to annual votes by shareholders.
Brexit
The Conservatives want “a deep and special partnership” with the EU. They promise to maintain the Common Travel Area and to pursue free trade with European countries. Gibraltar would be protected and parliament would vote on the final deal. The manifesto says the Conservatives would “encourage the world to visit, study and do business in the UK” through the GREAT Britain campaign and Visit Britain.
Business
Companies would be obliged to give consumers the same protections online as they have on the high street. More careful consideration would be given to mergers and takeovers. Foreign ownership of companies controlling important infrastructure (for example, airports) would be monitored to ensure it does not undermine security or “essential services”. The Conservatives will consider a ban on claims management companies cold-calling people and encouraging them to make false personal injury claims.
Labour
Tax
Labour guarantees no rise in income tax for those earning below £80,000 per year, and no increases in personal National Insurance contributions or VAT. Only the top 5% of earners would pay more. It would introduce a Tax Transparency and Enforcement Programme to close tax avoidance loopholes. Labour plans to raise Corporation Tax to 26% – still keeping it among the lowest of the major developed economies.
Pay
Labour promises to raise the minimum wage to “at least” £10 per hour by 2020. Business The party would reintroduce the lower small profits rate of corporation tax. Small businesses would be excluded from quarterly reporting and action taken on late payments.
Brexit
Labour would prioritise the benefits of the single market and Customs Union. It would negotiate to retain membership of the Common Aviation Area and Open Skies arrangements. Parliament would vote on the final deal. Labour promises no change in the status or sovereignty of Gibraltar. Another 500 border guards would be recruited for UK ports and airports.
Other
Labour would introduce four new public holidays, bringing us in line with other countries. It makes mention of a commitment to “tourism”.
Liberal Democrats
Tax
The Conservatives’ proposed cut to Corporation Tax from 20% to 17% would be reversed. Tougher action on tax evasion by businesses would be introduced with a General Anti-Avoidance Rule. HM Revenue & Customs would be given targets to meet in collecting taxes that are currently being avoided. Income tax would rise by 1p to fund the NHS and social care.
Business
A start-up allowance would be paid to help new businesses in their first few weeks. Business rates would be reviewed. A programme of capital investment would stimulate growth throughout the UK, including the installation of hyper-fast broadband nationwide.
Brexit
The Liberal Democrats would offer the final say to the British people in a second referendum. It says the UK must be able to trade without customs controls at borders and retain membership of the single market. The rights of the people of Gibraltar would be protected. There are specific mentions of the desire to keep the European Health Insurance Card, reduced roaming charges and pet passports.
Other
The party is against the expansion of Heathrow, preferring to spread development among regional airports.
SNP
Tax
The basic rate of income tax would be frozen for the life of the parliament. The personal allowance would rise to £12,750 and there would be no tax cuts for higher ratepayers. The £50,000 higher rate threshold would be frozen and rise by the maximum of the inflation rate, generating “at least” another £1.2 billion during the next parliament. Air Passenger Duty in Scotland would be cut by 50% during the next parliament.
Business
The Small Business Bonus would be increased so that 100,000 premises pay no business rates. Employment tribunal fees would be abolished. The number of Modern Apprenticeships would increase to 30,000 a year by 2020. Free bus travel for all young people under 21 on an apprenticeship would be provided. Broadband would be extended throughout Scotland and the number of living wage-accredited employers would double to 1,000 by autumn 2017.
Brexit
The SNP wants the UK to remain part of the European Single Market and Customs Union and would push for Scotland to remain in the EU if another independence referendum was called and Scotland opted to become independent.
Other
A Climate Change Act would be introduced, aiming to cut emissions by more than 50% by 2020.
Ukip
Tax
Ukip would raise the income tax threshold to £13,500, the 40% threshold to £55,000 and cut VAT on household bills. The party would close the loophole allowing businesses to pay tax in whichever EU country they choose and prevent big businesses using tax avoidance schemes. Quarterly tax returns would not be introduced and Class IV National Insurance (levied on the self-employed) would be frozen. Air Passenger Duty would also be frozen “with a long-term objective” of scrapping it.
Business
The party favours cutting business rates by 20% for the 1.5 million that have premises with a rateable value of less than £50,000. Insurance Premium Tax would be frozen. All local authorities would have to provide at least 30 minutes’ free parking near shops. Employers would have to advertise jobs to British citizens before looking overseas and would legally be able to hire a Briton aged under-25 instead of a better-qualified foreign applicant.
Brexit
Brexit “must be done and dusted before the end of 2019”, with full border control. Britain “must have left both the EU single market and Customs Union”.
Other
Ukip is against Heathrow expansion and favours a £100 million plan to revive Manston airport in Kent and grow regional airports. A Coastal Towns Taskforce would regenerate areas “that have suffered most” due to EU membership. St George’s Day would become a bank holiday in England and St David’s Day in Wales.
