The UK general election 2024
The UK will take to the polls on 4 July 2024. With potential changes to tax, pensions and savings on the horizon, we are following the general election race closely. Here, you’ll find essential coverage of the election and what it could mean for your money. Our finance and economic content will be posted in the lead up to election day and beyond, so please check back regularly for updates.
General election articles
Get ready for a sterling revival under Labour
In foreign exchange markets, sterling has had a tumultuous time under the Conservatives. After reaching a high of $1.741 in the summer of 2014, shortly after Nigel Farage’s UK Independence Party won most votes in the European parliamentary election, the pound has generally been trending lower versus the US dollar.
See how Labour’s manifesto could impact your finances
Watch our analysis of Labour’s election manifesto and discover what effect it could have on your money
General Election 2024: Reform UK tax policy
The Reform UK party published its 2024 General Election plan, which is described as not a manifesto but “Our Contract with You” on Monday 17th June. Reform UK states that it will “cut taxes to make work pay” and “slash wasteful spending to increase funding for frontline public services and reduce taxes for working people”. The party has acknowledged that it will not win this General Election, but regards this election as the first step towards its 2029 election campaign.
General Election 2024: Green party tax policy
The Green Party published its 2024 General Election Manifesto, titled “Real Hope, Real Change” on Wednesday 12th June. It includes a commitment to “tax multi-millionaires and billionaires to fund our public services” and notes that we can make different choices “by taxing wealth fairly and by taxing pollution to generate enough money to rescue our public services and in protecting our climate”.
Tax policy comparison: Labour and Conservative Parties
The table below summarises the key tax policies contained in the Labour and Conservative Party manifestos. It may not include every measure, so for more insights please visit our Election hub.
General Election 2024: Labour tax policy
The Labour Party published its 2024 General Election Manifesto, titled “Change”, on Thursday 13th June. The manifesto refers to the need for an enduring partnership with business to deliver economic growth, with more focus on long-term strategy, “making everyone, not just a few, better off” and “determination to build and share wealth”. It commits to keeping taxes as low as possible, with a focus on keeping taxes down for most working people, which is in line with the Conservative manifesto.
Labour manifesto clamps down on tax avoidance, introduces VAT on private schools and signals review of pensions
Labour’s manifesto is billed as focusing on ‘wealth creation’ but the overall approach is ‘safety first’ and there are concerns that state pensioners could get taxed.
Conservatives unveil tax-cutting manifesto but omit inheritance tax
The Tories’ election manifesto focuses on tax cuts - here we look at what the proposed policies could mean for your finances.
General Election 2024: Conservative tax policy
The Conservatives published their 2024 General Election Manifesto on Tuesday 11th June, titled “Clear plan, bold action, secure future”. The manifesto explains that this will be “a future where hard work and doing the right thing is always rewarded, not punished with higher taxes and hidden green levies”. From a tax perspective it is primarily a manifesto for working people, as opposed to those whose income comes from savings and investments.
General Election 2024: Liberal Democrat Tax Policy
The Liberal Democrats published their 2024 General Election Manifesto, titled “For a Fair Deal”, on Monday 10th June. The tax policies announced do not include much in the way of tax cuts nor significant tax reform, although the capital gains tax changes proposed are fairly extensive, shifting to capital gains tax rates similar to income tax rates, and introducing an allowance for inflation.
General election 2024: Uncertainty surrounding the state pension triple lock, the pension lifetime allowance and inheritance tax
Will Labour reinstate the pension lifetime allowance? Will Labour change inheritance tax? These are the questions people are asking as we approach the 4 July election
Will Labour tax private schools? How to pay the fees
Private school fees in the UK are on average £6,021 per term for day pupils and £14,153 per term for boarders. This could add up to around £18,063 and £42,459 per year respectively
VAT on school fees, changes ahead?
With a General Election around the corner, which may lead to a change in Government, there is currently a lot of focus on Labour party policy. Labour has stated that it will exclude independent schools from VAT exemption, which will result in VAT on school fees.
Labour wants Bidenomics for Britain
After much speculation, a date for the general election was finally announced yesterday. We’re heading for the polls on 4 July 2024.
What the general election outcome could mean for you
Join us the day after the election when we’ll be running a panel event and unwrapping the results and the possible implications further.
We’ll discuss what they mean for you and your family, along with how you could take advantage of beneficial changes and mitigate the impact of others on your personal finances.