So here’s our commitment for the next five years. What the economists would call: the highestemployment rate of any major economy. What I call: full employment in Britain. Just think ofwhat that would mean. Those who can work, able to work…standing on their own two feet,looking at their children and thinking “I am providing for you.” We can get there – but only ifwe stick to our plan.
Companies are coming from all over the world to invest and create jobs here. That’s nothappened by accident. It’s because they see a Government rolling out the red carpet for them,cutting their red tape, cutting their taxes. So here is a commitment: with the nextConservative Government – we will always have the most competitive corporate taxes in theG20…lower than Germany, lower than Japan, lower than the United States. But George saidsomething really important in that brilliant speech on Monday. A message to those globalcompanies: We have cut your taxes – now you must pay what you owe.
We must stick to the plan on welfare too. With us, if you’re out of work, you will getunemployment benefit…but only if you go to the Job Centre, update your CV, attendinterviews and accept the work you’re offered. As I said: no more something-for-nothing. Andlook at the results: 800,000 fewer people on the main out-of-work benefits. In the next fiveyears we’re going to go further.
You heard it this week – we won’t just aim to lower youth unemployment; we aim to abolishit. We’ve made clear decisions. We will reduce the benefits cap, and we will say to those 21 andunder: no longer will you have the option of leaving school and going straight into a life onbenefits. You must earn or learn. And we will help by funding three million Apprenticeships.Let’s say to our young people: a life on welfare is no life at all…instead: here’s some hope;here’s a chance to get on and make something of yourself.
What do our opponents have to say? They have opposed every change to welfare we’ve made –and I expect they’ll oppose this too. They sit there pontificating about poverty – yet they’rethe ones who left a generation to rot on welfare. And while we’re at it: let’s compare records.Under Labour, unemployment rose. With us, unemployment is falling faster than at any timefor 25 years. Under Labour, inequality widened. With us, it’s narrowed. Those are the facts. Solet’s say it loudly and proudly…with Britain getting off welfare and back to work…the real partyof compassion and social justice today is here in this hall – the Conservative Party.
It’s not just the job numbers that matter – it is the reality of working life for people in ourcountry…especially the lowest-paid. Anyone should be free to take on different jobs so they canget on. But when companies employ staff on zero hours contracts and then stop them fromgetting work elsewhere, that’s not a free market – it is a fixed market. In a Britain thateveryone is proud to call home, people are employed, they are not used. Those exclusive zerohours contracts that left people unable to build decent lives for themselves – we will scrapthem.
But there’s still more injustice when it comes to work, and it’s even more shocking. Criminalgangs trafficking people halfway around the world and making them work in the mostdisgusting conditions. I’ve been to see these – houses on terraced streets, built for families offour, cramming in 15 people like animals. To those crime lords who think they can get awaywith it, I say No: not in this country; not with this party…with our Modern Slavery Bill we’recoming after you and we’re going to put a stop to it once and for all.
Once you have a job, I want you to take home more of your own money. If you put in, youshould get out – not hand so much of it to the taxman. That’s why these past four years,despite everything, I’ve made sure we provide some relief to taxpayers in our country –especially the poorest. No income tax until you earn £10,000 a year – and from next April, £10,500 a year. Three million people taken out of income tax altogether. A tax cut for 25million more. And our commitment to you for the next five years: we want to cut more of yourtaxes. But we can only do that if we keep on cutting the deficit. It’s common sense – tax cutsneed to be paid for.
So here’s our plan. We are going to balance the books by 2018, and start putting aside moneyfor the future. To do it we’ll need to find £25 billion worth of savings in the first two years of thenext Parliament. That’s a lot of money, but it’s doable. £25 billion is actually just three per centof what government spends each year. It is a quarter of the savings we have found in thisParliament.
I am confident we will find the savings we need through spending cuts alone. We will see thejob through and get back into the black. And as we do that, I am clear about something else.We need tax cuts for hardworking people.
And here and now, I have a specific commitment. Today, the minimum wage reaches £6.50an hour, and before long we’ll reach our next goal of £7. I can tell you now that a futureConservative Government will raise the tax-free personal allowance from £10,500 to £12,500.That will take 1 million more of the lowest paid workers out of income tax – and will give a taxcut to 30 million more. So with us, if you work 30 hours a week on minimum wage, you will payno income tax at all. Nothing. Zero. Zilch. Lower taxes for our hardworking people…that’s what Icall a Britain that everyone is proud to call home. But we will do something else.