Counting Down to the General Election

Published:  May 2024

The announcement of a general election on 22 May 2024 by Rishi Sunak, set to occur in just six weeks, caught many by surprise.

In the run up to the election on 4 July, many of you will be wondering what this means for your personal finances and investments.  How much outstanding legislation will be passed before Parliament is dissolved on 30 May, we will see.  Some recent tax changes, such as the reductions in National Insurance, have already been enacted, and personal allowances frozen until 2028.  Unless a new government decides to call an emergency budget which has happened in recent times, these policies are likely to remain in effect for the rest of this tax year.

As party manifestos are published and analysed over the coming weeks, we will gain more clarity – although there are some suggestions they may be quite thin documents.  Interestingly, markets have been relatively benign following the announcement, showing little reaction.

“The UK election is a minor blip on the radar of global markets, overshadowed by larger concerns such as inflation, interest rates, and geopolitical events”, said Geoff Cooper, Head of Investment Management at MM Wealth.

The upcoming weeks of campaigning will focus on winning votes, but whether these pledges will be implemented remains to be seen.

Please contact us if you have any questions or points of clarification about anything in the manifestos that could impact your financial planning objectives.  Our team has the expertise to review cash flows and build ‘what-if’ scenarios as needed.

If you would like to talk to one of our Chartered Financial Planners, please contact us on 01223 233331 or email info@mmwealth.co.uk.

Contact us

Disclaimer

Opinions constitute our judgment as of this date and are subject to change without warning.  The value of investments and the income from them can go down as well as up, and you may not recover the amount of your original investment.

The information in this article is not intended as an offer or solicitation to buy or sell securities or any other investment, nor does it constitute a personal recommendation.

The Financial Conduct Authority does not regulate estate planning and tax planning.

The information contained within this blog is based on our understanding of legislation, whether proposed or in force, and market practice at the time of writing.  Levels, bases and reliefs from taxation may be subject to change.