Change

Posted on 4th June 2024 by Streets General


Image to represent Change

There is a French saying “Plus ca change, plus c’est la meme chose” meaning, the more things change, the more they stay the same.

Its interesting to apply this to a change that is about to come about, if, as expected, the Labour Party form the next government from the 5th of July.

The present Shadow Chancellor, Rachael Reeves, has indicated that there will be no immediate post-election budget, which means no immediate tax changes.

Both sides (Conservative and Labour) have underlined that they will not add to UK debt by increasing government spending. Instead, they have asserted they will cover any expenditure with tax funding.

But don’t hold your breath. Once the new government is safely ensconced at Downing Street who knows what may be in store for us.

One thing is certain, we may have to rethink any financial planning that we have implemented thus far if we have a Labour administration. There longer term focus is likely to be tackling income inequalities and levelling up. We shall see…

Meantime, expect no immediate, drastic changes in economic policy. But expect movement next year as the new government becomes familiar with facts and figures. We may see evidence short-term that policy may appear to stay the same, but it’s unlikely that this will continue long-term.


No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.

Information

The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.


Expert insight and news straight
to your inbox

Related Articles


Falling inflation – what does it mean for you?

The following notes are reproduced from a Treasury statement issued 21 May 2024. Lower inflation supports people by maintaining the purchasing power of their money. If prices only rise slowly, people can plan their budgets more effectively -


New Brooms

As time passes during the present election campaign, its seems more likely that we may have a change of government from the 5 July. Labour have disclosed a number of tax changes they would introduce. To summarise they are: Private school fees


Types of HMRC enquiries

HMRC can enquire into any statutory return (or amendment of that return) or statutory claim to check if the return / claim has been prepared correctly or if further information is required. HMRC’s internal manuals state that there is no statutory


You might also be interested in...