Tories 2017
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3. THE WORLD’S GREAT MERITOCRACY<br />
CUTTING THE COST OF LIVING<br />
Breaking down long-standing social divisions in our society means tackling everyday<br />
economic pressures that hold back ordinary, working families. Government can help<br />
with the cost of living by keeping tax as low as possible. As we set out in chapter one we<br />
want to reduce taxes on British businesses and working families. But government can also<br />
help by making consumer markets work more fairly, and in doing so reducing the cost of the<br />
essentials that families have no choice but to buy. These costs make up a much larger share of<br />
working class household budgets than those of better-off households.<br />
Fair markets for consumers<br />
Tackling living costs must mean making consumer markets work fairly. Markets should<br />
work for consumers, as well as producers – with competition keeping prices low and<br />
encouraging new product development. Poor information, complex pricing and<br />
exploitative behaviour prevents markets operating efficiently for the benefit of all.<br />
As Conservatives, we believe in markets as the best means to bring about prosperity and<br />
innovation, but we should act firmly and fast when a market works against the interests<br />
of consumers. Since 2010, we have capped the cost of credit for expensive payday lenders<br />
and will shortly ban letting agent fees. We will now go further to reform markets in the<br />
interests of consumers and reduce the cost of living.<br />
A Conservative government will strengthen the hand of regulators. We will strengthen the<br />
powers of consumer enforcement bodies to order fines against companies breaking consumer<br />
law and deliver redress for wronged parties. We will explore how to give consumers a voice in<br />
the regulation of business. We will put the interest of vulnerable consumers first, including<br />
considering a duty on regulators to weigh up their needs. We will investigate how switching<br />
sites can better serve competition, including by providing shoppers with information about<br />
quality of service and complaints. We will strengthen the hand of online consumers. We will<br />
act to make terms and conditions clearer, and end the abusive use of subscription services,<br />
including by making it clearer when free trials come to an end.<br />
We will also act in specific markets. A Conservative government will reform and<br />
modernise the home-buying process so it is more efficient and less costly. We will<br />
crack down on unfair practices in leasehold, such as escalating ground rents. We will<br />
also improve protections for those who rent, including by looking at how we increase<br />
security for good tenants and encouraging landlords to offer longer tenancies as<br />
standard. We will make billing for telecoms customers fairer and easier to understand,<br />
including making clear when a mobile customer has paid off the price of their<br />
handset. We will consider a ban on companies cold calling people encouraging them<br />
to make false personal injury claims. We will take steps to tackle rogue private parking<br />
operators. We will reduce insurance costs for ordinary motorists by cracking down on<br />
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