MSE News: Hung parliament - how will it affect your finances?

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

"The UK is heading for its first hung parliament since 1974 following yesterday's General Election, but how will this affect your wallet? ..."

Read the full story:

Hung parliament: how will it affect your finances?

carolt

Better than having a Tory govt only...

Hope they form a Lib Dem coalition, as the LDs tax policy would help my wallet nicely.

JonnyBravo

Presume you voted Labour in the end carolt?
There must have been plenty who thought about supporting ol' Cleggy til they picked up the pencil..... then suffered an imagination deficit and thought "good ol' Brown.... he wasn't so bad after all" or "those Tories saw me right years ago.... I should stick with what I know"

carolt

No I most certainly did not vote Labour! Never even considered it.

Why on earth would you make such an assumption?

Really2

carolt wrote: »

Better than having a Tory govt only...

Hope they form a Lib Dem coalition, as the LDs tax policy would help my wallet nicely.

I dont think many family's earning over £50K will be better of carol. I certainly am not pinning my hopes on being financially better of in the short term for any government.

There are bigger things to sort out than a few £ in my take home pay (which will be taken off me in other ways.) We need stability more than anything else.

carolt

I agree. But the thread title specifically asked how the hung parliament would affect your finances, rather than your country's finances.

Really2

carolt wrote: »

I agree. But the thread title specifically asked how the hung parliament would affect your finances, rather than your country's finances.

I thought you had a family income of over £50K, I think the only people better off under the tax reform are low-average wage workers?

Not having stability will affect your finances. Look at exchange rates and FTSE today.

Low £ = Expensive imports.

ftse falling = where is my pension.

carolt

No - the 10K personal tax allowance applies to everyone whether they earn 100K or 10K; obviously it's more pronounced to those whose gross income is 10K, but everyone will benefit - except those who currently pay no tax or who don't work.

I agree that economic stability affects us all long-term; personally, I don't see it as personally likely to affect me that much in the short term, though - esp as it may mean higher interest rates which = lower house prices.

PasturesNew

I think tax free bands should be linked to something like average wages or something meaningful. Say, 40% of national average wage.

PasturesNew

Reading the linked article:
Interest rates might go up - good, my savings generate me nothing these days
Holidays - not relevant to me
Pensions - not relevant
Shares - not relevant
Mortgages - not relevant

Thrugelmir

carolt wrote: »

I agree. But the thread title specifically asked how the hung parliament would affect your finances, rather than your country's finances.

Labour have already implemented personal tax rises into the future. So in many ways nothing has changed (yet) .