What does the election mean for your finances?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 29 November 2019

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

Will this election really prove to be about Brexit?

That issue was predicted to define the vote, but while each party’s Brexit stance will be at the forefront of people’s minds there are many other factors that now seem to be heavily influencing how the 12 December general election is shaping up.

One of the biggest is the battle over the economy and our personal finances. There’s a sizeable difference between Labour’s tax and spending plans and those of the Tories.

Meanwhile, the Liberal Democrats propose their own sizeable tax and spending rises but at less than half the Labour increase.

So what do all these promises and plans mean for you? On this week’s podcast, Georgie Frost, Simon Lambert and Lee Boyce dig into the Labour, Conservative and Liberal Democrat manifestos to find out.

The Conservatives have already said they will spend an extra £34billion a year by 2024 and added a further £3billion to that in their manifesto.

But Labour plan an extra £82.9billion of spending – with a further £58billion bill for compensating so-called Waspi women hit by the rising state pension age.

Both parties claim they can fund their plans through tax – the Tories by halting corporation tax cuts and Labour by radically overhauling the tax system, including 45p tax for many more people and a new 50p ‘super rich rate’.

The Lib Dems have their own proposals to add a bit to income tax and hike capital gains tax.

What is the chance of any of these plans working? Will the tax rises pull in the money expected – and can the spending be used wisely?

And what of the other things Britain needs to achieve? Is more housebuilding compatible with combatting climate change, protecting the environment and looking after the countryside – and what have beavers got to do with it?

Listen to this week’s podcast to find out.

Transcript

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0:00.0	Welcome to This Is Money. I'm Georgie Frost and alongside me in editor Simon Lambert today is Assistant Editor Lee Boyce.
0:07.0	And under two weeks to go until the general election as promised, we are going through the manifestos in more detail now.
0:15.1	You got a bit of a teaser last week, but we didn't have all three from the major parties we do now.
0:20.4	So the team have been busy scrutinising them
0:22.7	to find the most important pledges affecting your finances.
0:26.6	And they've highlighted eight key promises relating to your pocket
0:30.0	should a party win power or end up in coalition after the election on the 12th of December.
0:35.6	So do go to this is money for that in full. But just as in the
0:39.7	2017 poll, each manifesto covers Brexit, yet the outcome remains, of course, too uncertain to give
0:46.2	any firm financial details. However, they do note if parties claim a benefit from either
0:51.4	achieving or avoiding our departure from the EU.
0:55.1	That is in it as well.
0:57.1	So we'll go through that too.
0:59.3	But don't forget, you can stay upstate with the latest breaking money news.
1:02.0	Just go to this ismoney.com.uk or download the app.
1:06.7	A very warm welcome to you both.
1:08.2	But first, I think we're all united here and saying a very, very big thank you to the loyal listeners of This Is Money podcast.
1:16.3	We had a good October, didn't we, Simon?
1:18.1	We did. We had a very good October.
1:19.8	Yes, we had more than 100,000 listens for the first month.
1:23.2	So that's awesome.
1:24.4	So if you're one of those listeners, thank you very much.
	...

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