How Prime Minister Keir Starmer's policies could impact your personal finances
Sir Keir Starmer’s Labour party will form the next government after winning a majority at Thursday’s general election.
The removal of the allowance, which came into effect in April last year, was welcomed by wealthier savers, including seniorRachel Reeves, then shadow chancellor, announced the day after the Budget that a Labour government would reverse this move, but this sparked aSir Steve Webb, former Liberal Democrat pensions minister and consultant at LCP said: “The absence of a commitment in the Labour manifesto to reintroduce the lifetime allowance is very different to the presence of a commitment not to...
In comments on the issue during an interview on ITV News last week, Starmer said he “understands” the damage done by the policy, but would not commit to something that “on the current state of the economy, I don’t think we can properly afford”. Myron Jobson, senior personal finance analyst at interactive investor, said: “When the political party that investors expect to win comes to power, the stock market might not see much movement because the outcome are already embedded in stock prices.
Nick Mendes, of John Charcol brokers, has said he also expects little impact in the short term, with rates on fixed-term mortgages having dipped in recent days, on expectations of an interest rate cut in August or September.
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