Easter Monday saw three key changes to the UK. Increase in the income tax threshold to £10,600, introduction of shared parental leave and pensions freedom. All Lib Dem policies.
Income tax threshold increased to £10,600
That effect of the change is an income tax cut of £825 for over 27 million people compared to 2010. 3 million people have now been taken out of paying income tax altogether.
Shared parental leave introduced
For babies born on or after 5th April parents can share up to 50 weeks of leave. Men and women will no longer be tied to what history dictates their traditional roles should be with mum holding the baby while dad goes out to work.
Shared parental leave can make an incredibly positive difference in a child’s life and help both mums and dads make the best decisions for them and their families. Parenting is a shared endeavour and now dads have the opportunity to spend more time with their new baby in those vital early weeks.
The changes will mean people no longer have to buy an annuity with their pension pot and enables people to make choices that work for them in their retirement – whether that’s continuing with an annuity or taking some of the money to pay off debts or for a post retirement holiday experience.
This is just one of the Liberal Democrats pension reforms under Pensions Minister, and expert pre-parliament, Steve Webb.
More on overall pensions reform here.
Increasing the income tax threshold, shared parental leave and pensions reform are firm Lib Dem policies, having been in the 2010 manifesto. We haven’t been able to deliver everything in our manifesto, as we didn’t win, but these are changes which are right for people, right for the country, and right for Wandsworth.