BIRMINGHAM: Britain's ruling Conservative party will announce Monday plans to scrap an inheritance tax, as it sets out economic policies aimed at wooing voters ahead of a general election next May.
Its final party conference before what is expected to be a close-fought election, opened Sunday under the shadow of a lawmaker's defection to the eurosceptic UK Independence Party and the resignation of a minister embroiled in a sex scandal.
As the Tories bid to seize back momentum, Finance Minister George Osborne will promise to abolish an inheritance tax on pensions in plans aimed at older voters.
The decision to scrap the 55 percent tax on pension pots when they are passed to children and grandchildren was reported to affect hundreds of thousands of people and concern £150 million a year ($244 million, 192 million euros) in tax revenues.
Osborne's speech will make the case that only his party can be trusted to run a strong economy, following vows by Prime Minister David Cameron to offer discount homes for younger buyers and cut social welfare.
"It's the economy that builds houses. It's the economy that creates jobs. It's the economy that pays for hospitals. It's the economy that puts food on the table. That's why it's the economy that settles elections," Osborne is expected to say.
"The Conservatives are the only people in British politics with a plan to fix the economy."
While opinion polls have consistently put the main opposition Labour party several points ahead, they have also shown the Conservatives are more trusted to deliver economic growth.
But a ComRes survey released Monday indicated the ruling party could face an uphill struggle to win outright victory, giving Labour a convincing lead in crucial marginal seats.
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