Chris Grayling launches our pensions and savings campaign in Yorkshire

Chris Grayling launches our pensions and savings campaign in Yorkshire

Chris Grayling and Nigel Adams in Selby

Friday, March 27 2009

Shadow Home Secretary Chris Grayling visited North Yorkshire as part of the national launch of a Conservative campaign to help savers and pensioners.

He joined with Parliamentary Candidate Nigel Adams on a street stall in Selby where residents and shoppers were invited to send Gordon Brown a plea to take-up the Conservative proposals.

Conservatives have called for special help for these "innocent victims" of Labour's recession, who are suffering as the income from their savings falls. Over the long term, cutting taxes on savings would help build a savings culture and end Britain's addiction to debt under Gordon Brown.

Under the Conservative plans:

  • Basic rate taxpayers would pay no tax at all on their income from savings, making them up to £7,200 a year better off. 
  • The income tax allowance for pensioners would be increased, with age-related personal allowances rising by £2,000, helping them by up to £400 a year. 
  • The package would be paid for by reducing the growth in government spending by £5 billion. Instead of rising by £30 billion next year, the increase would be £25 billion.

Spending on the NHS, schools, defence and international development would all be protected. An estimated almost 1.8 million people across Yorkshire and the Humber would benefit from these tax cuts.

Shadow Home Secretary Chris Grayling explained:

"Yorkshire's savers and pensioners are the innocent victims of Gordon Brown's recession. They are being punished for putting aside money. We need to cut taxes for them and help turn Britain from a spend, spend, spend society into a save, save, save society.

And he stressed, "We need change to deliver a culture of thrift at the heart of government and a culture of saving at the heart of our economy."

Nigel Adams, Conservative Parliamentary Candidate for Selby and Ainsty, added:

"On the street stall in Selby today I was struck by the many stories of money worries that residents and shoppers were telling us. Many agreed with our proposals to cut the tax on pensions and savings and I hope that Gordon Brown will now follow our lead and listen to people in Selby and across Yorkshire."