Why Labour?
A strong economy is vital for hard-working families who have benefited from ten years of growing employment, low inflation and low interest rates. Despite rapid social and economic change we must continue to ensure that all families with children are treated with fairness so that they get the support they need both at home and in the workplace.
We have given new parents new rights, with longer and better paid maternity leave and paternity leave for dads. And as children get older, we are providing more financial support than ever before to help parents balance their family finances and save for their children’s future.
We face a period of global economic turbulence caused by the problems in the US housing market. It is understandable that families are concerned about how the world economic slowdown will affect them. Labour will continue to take the tough, long term decisions to maintain economic stability and steer Britain through these turbulent times. We will not go back to the failed Tory policy of billions of pounds of unfunded tax promises, which would undermine economic stability and risk taking Britain back to the days of 15 per cent interest rates and three million unemployed.
Key achievements:
- Inflation rates have averaged less than half their rates between 1979 and 1997 in the past decade
- New mums now have 9 months paid maternity leave and maternity pay is up to £112.75 a week.
- A right to paternity leave for all dads
- Parents of young and disabled children have the new right to request flexible working.
- All parents can get help saving for their children’s future with the Child Trust Fund, with the most help going to the poorest children and children in care.
- The Working Tax Credit provides help with childcare, up to a maximum eligible amount of £300 per week. (£175 per week for one child).
- As a result of the tax credit system, 4 in 10 families - over 3 million families- now pay no net tax.
Winning the fight for Britain's future:
- Child Benefit which was £575 a year in 1997 will by 2010 be over £1,000;
- The basic rate of income tax was cut in April 2008 to just 20 pence - its lowest level for over 75 years.
- We will extend paid maternity leave to a whole year by the end of this Parliament.
- By April 2010, households with children will be, on average, £2,000 better off in real terms than in 1997. Households with children in the poorest fifth of the population will be, on average, £4,500 better off.
- We will open 3,500 Sure Start Children’s Centres by 2010 – providing childcare, healthcare, early education and family support.
- New Saving Gateway accounts will be available by 2010 for those on lower incomes with the government matching the money people save to help promote saving.