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SNP manifesto: what does it mean for your finances?

Scottish National Party plans for tax, pensions and more

SNP manifesto: what does it mean for your finances?

The Scottish National Party (SNP) today released its manifesto for June’s general election, with a second independence referendum and greater involvement in Brexit negotiations among its key pledges.

Here, we look at some of the key economic promises in the manifesto and explain how they could affect your finances.

Pensions: triple lock would be backed

The SNP says it will vote to maintain the pension triple lock, meaning pensions would continue to rise by levels of inflation, earnings or 2.5% – whichever is higher.

It will also provide support for women born in the 1950s, who have been affected by increases in the state pension age, and opposes plans to increase the state pension age beyond 66.

What do the other parties say?

Labour, the Liberal Democrats, UKIP and Plaid Cymru would protect the triple lock at the same level. Labour has also pledged support to 1950s-born women, while UKIP has put forward a flexible state pension age.

The Conservatives would introduce a ‘double lock’ in 2020, where pensions would rise in line with inflation or earnings, whichever is higher.

How the other manifestos compare:

You can also check out our at-a-glance round-up of the manifestos.

Wages and allowances: minimum wage would increase

The SNP pledges to support moves over the next parliament to increase minimum wage levels to that of the Living Wage.

The party also says it would protect the winter fuel allowance and extend it to families with severely disabled children, and abolish the two child cap on tax credits.

What do the other parties say?

The Conservatives say they would continue to increase the Living Wage to reach 60% of median earnings by 2020.

Labour pledges to boost the salary of those earning less than the Living Wage to £10 an hour by 2020, while the Lib Dems would consult on a new living wage. The Green Party aim to trial an universal basic income.

Taxes: tax increases for the highest earners

The SNP says it would support a UK-wide income tax hike from 45p to 50p for those earning more than £150,000, and promises not to increase VAT or National Insurance contributions.

In addition, the manifesto also includes a pledge to abolish the so-called ‘bedroom tax’.

What do the other parties say?

Labour says it would bring in a 50p tax rate on earnings over £123,000 a year, while the Liberal Democrats would increase income tax by 1p to help fund the NHS.

The Conservatives pledge to increase the personal tax free allowance to £12,500 and the higher tax rate threshold to £50,000 by 2020.

UKIP would increase the personal allowance to £13,500 by the end of parliament and the higher threshold to £55,000. The Greens would introduce a 1% wealth tax and changes to inheritance tax.

SNP manifesto: independence to be revisited after Brexit

The SNP manifesto calls for a second referendum on Scottish independence, to take place ‘at the end of the Brexit process’.

Brexit negotiations are also high on the list. The SNP claims leaving the single market could cost 80,000 jobs in Scotland, and says it would ‘demand a place for Scotland at the Brexit negotiating table’ if it wins the election.

What do the other parties say?

The Conservatives say they will deliver a ‘strong and stable Union’, with no Scottish referendum.

Labour opposes a second Scottish referendum, while the Liberal Democrats say ‘keeping the UK in the EU’ would remove the basis for a second referendum.

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