Tories to set out plans to cut £47bn from government spending
What will the shadow chancellor announce at the Conservative Party conference today?
- The Conservatives are proposing a £5,000 National Insurance rebate, termed the 'first-job bonus', to assist young first-time homebuyers.
- This scheme aims to help 600,000 people annually and will be financed by cuts to the benefits bill and preventing non-citizens from claiming welfare.
- Shadow Chancellor Sir Mel Stride will unveil these plans, which include £47bn in savings from welfare, foreign aid, and social housing if the party forms the next government.
- Key measures involve £23bn from welfare reforms, a 25 per cent reduction in civil service numbers, and cutting foreign aid spending to 0.1 per cent of national income.
- The party also intends to reduce green spending, repeal the Climate Change Act, and uphold the two-child benefit cap, despite warnings about neglecting age-related spending.