In a surprise move last week Rishi Sunak called a general election for the 4th July 2024 – just over a month away!
Change is inevitable whether as a result of a new Labour government with its own vision, a re-energised but potentially re-positioned Conservative party hoping to win back confidence or a coalition of some form; although as you’d expect, neither party has indicated any willingness to consider that option.
In the run-up to the election, we will be reviewing all the main parties’ manifestos and will share our view on the potential financial planning implications for you and your family.
We will also be asking our independent economic adviser, John Calverley of Tricio, to provide a non-partisan economist’s view and consider the state of the nation’s finances that any new government will inherit.
There will no doubt be media speculation over the next few weeks regarding what may or may not happen but, even if there was a longer gap until the election, we would not be advocating a knee-jerk reaction. Changes to tax-related allowances have never been retrospective (unless tax avoidance related) so we don’t expect mid-tax year changes as neither the HMRC nor pension/investment providers’ IT systems have been built to cope with that.
So, for now we watch this space but stand ready to help you understand and where appropriate adapt your planning so you can continue to plan for the future with confidence.
As always, if there is anything you’d like to discuss, or review do not hesitate to get in touch.
