2010-2024
Economy, Tax and Spending
The UK had the fastest growing economy in the G7 in 2024, despite Covid and lockdowns.
Corporation tax remained lower than it was at any point under the last Labour government. The average rate of corporation tax between 1997 – 2010 was 30 per cent. The average rate of corporation tax 2010 -2024 was 22 per cent, rewarding business investment in the UK.
The Conservatives cut the deficit by nearly 80 per cent before the pandemic, giving the UK the stable public finances needed to protect jobs though furlough. Labour left the UK with a deficit of £158 billion in 2010 – between 2010 and 2019 this had fallen to £38 billion, a fall of 76 per cent. Because the deficit was significantly reduced it meant that there was more ability to borrow to support people during the pandemic, supporting millions of jobs and businesses.
Doubled the personal allowance and took three million people out of paying income tax altogether. The Conservatives almost doubled the personal allowance since 2010, up from £6,475 to £12,570, and had the lowest effective tax rate in 2024, since 1975. They took three million people out of paying income tax altogether, meaning people could keep more of their hard-earned money.
Youth unemployment has halved since 2010. Youth unemployment has halved since 2010 with 437,000 fewer unemployed young people since Labour left office.