Pledge to give the young £5k for first home

YOUNG people are to get a £5,000 tax rebate towards their first home when they get a full-time job, the Conservatives have pledged.

- By Christian Calgie Senior Political Correspondent

In his speech at the party's conference, Shadow Chancellor Sir Mel Stride said the first £5,000 of National Insurance paid would be redirected to a nominated savings account of their choice.

The pot can then be drawn from after five years, though the party admitted they would not enforce the money being spent on a deposit for a house.

Battered

It came as part of a wider policy announcement by the top Tory, which included the promise of a major cut to business rates in an effort to revitalise the high street and boost the economy.