How Would Each Party’s Manifesto Affect My Finances?
We’re just a couple of weeks away from voting day here in the UK, and the various political parties have started outlining their plans in order to attract votes from those who agree with their policies. Although politics can be rather boring at times, the release of the manifestos is an interesting time as it helps you to decide where you’d like your vote to go, and it also gives you an idea of where you might be financially depending on who gets into government once the votes have been cast. In this guide, we summarise how each major political party could affect your household finances should they get into power this time around.
We’ve looked at the manifestos for the Conservatives, Labour, the Liberal Democrats, the UK Independence Party and the Green Party and we’ve highlighted any areas which could affect your personal finances, from the obvious things like tax on wages and caps on household benefits, to the less obvious like energy bills, childcare and university fees.
How Could The Manifestos Affect You?
Let’s start with the main two parties – The Conservatives and Labour. Even if neither of these parties get in on majority votes alone, it’s likely that one of them will be in number 10 after 7th May in some form of coalition, as the Conservatives are with the Liberal Democrats at the moment. Please note that the following points are what the parties have released in order to win votes and they may not all be implemented if the individual party gets into power!
The Conservatives (Tories) – led by the Prime Minister, David Cameron
Labour – led by Ed Miliband
At the moment, we’re governed by both the Conservatives and the Liberal Democrats, although it’s looking unlikely that the Lib Dems will get back into power after this general election. However, anything is possible in British politics, so it’s useful to look at the smaller parties too, especially seeing as a coalition is looking likely once again. A coalition can be made up of two or more parties, depending on the amount of votes cast, so some of the following policies may get to see the light of day once the public has spoken.
The Liberal Democrats – led by Nick Clegg
UK Independence Party – led by Nigel Farage
The Green Party – led by Natalie Bennett
After the referendum for an independent Scotland, many of the Scottish voters (who were traditionally Labour supporters) have decided to support the Scottish National Party instead. Due to this, Labour have lost a lot of support north of the border and the SNP are expecting more votes than ever before. It is possible that the SNP could be part of a coalition after the general election on the 7th May, so it’s worth looking at their policies even if you don’t live in Scotland as they could hold some power in 10 Downing Street in the near future.
The Scottish National Party – led by Nicola Sturgeon
Remember – if you don’t like a certain party and their policies, not voting just strengthens the vote of someone who does vote for them. Get out there on 7th May and vote if you can.
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