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As the 2019 general election draws near, we thought it would be helpful for you to see a key summary of the economic and work policies that may affect you directly whether it’d be in terms of your business or as an individual.
These changes could affect your pay at the end of the month if you are employed, how much dividends you can draw from your company without incurring too much of a tax liability, what income tax bracket you will be under, how much business rates you will be paying and so on.
So it’s imperative, if you are eligible, to make sure you are registered to vote by clicking the link here. https://www.gov.uk/register-to-vote
Please note that the deadline to register is midnight 26th November 2019.
Conservatives:
No rises in income tax or National Insurance rates
Raise the threshold at which individuals pay National Insurance to £9,500 in the first Budget and, later, to £12,500
Raise the national living wage to £10.50 an hour by 2024 for those over the age of 21
Keep the triple lock, the winter fuel payment, the older person’s bus pass and other pensioner benefits
Continue the roll-out of Universal Credit system
Postpone scheduled corporation tax cut – from 19% to 17% – to save £6bn and no increase to VAT
£5bn to support getting broadband to the hardest-to-reach 20% of the country
£3.6bn Towns Fund for 100 towns to improve their local economy
Review business rates in England – extending discounts for small shops to 50%
Cut National Insurance contributions for employers by £1,000
Labour:
Introduce a “real living wage” of £10 an hour in 2020 for all workers over the age of 16
Scrap universal credit, the “bedroom tax” and the two-child benefits limit, and increase the Carer’s Allowance for unpaid full-time carers
Scrap the rise in the state pension age, leaving it at 66, and compensate women hit by the decision to accelerate to increase it
Increase statutory maternity pay from nine to 12 months, double paternity leave from two weeks to four and increase statutory paternity pay
Move to a 32-hour average working week within the next decade, with no loss of pay
£400bn national transformation fund, including £250bn for energy, transport and the environment, and £150bn for schools and hospitals
A further £250bn in loans for a new national investment bank and a network of regional development banks – with oversight governments
Rail, mail, water and the energy grid taken back into public ownership and free broadband for every home and business in the UK by 2030
Create one million more jobs in the UK and a give a 5% increase to public sector workers in first year
Top 5% of earners to pay more income tax – including a new 50% rate on income above £125,000. Also increase corporation tax to 26%
Liberal Democrats:
Increase work allowances under universal credit enabling people to work for longer before benefits are cut
Introduce a second earner work allowance
Reduce the wait for the first benefits payment from five weeks to five days
Scrap the two-child limit on family benefits, the “bedroom tax” and the overall benefits cap
Scrap the Work Capability Assessment and reinstate the Independent Living Fund
Right to request a fixed-hours contract after 12 months for zero-hours and agency workers
130bn investment in infrastructure, including renewable energy, transport and housing
Scrap business rates and replace them with a commercial, landowner levy
Restore corporation tax to 20% and abolish the capital gains tax allowance
£5bn investment in a new Green Investment Bank to attract private investment for public projects
£2bn to ensure access to high-speed broadband across the UK
Please note that this is not an exhaustive list of each parties manifesto nor is it to be construed as any form of advertising for any particular party. This is just a few key select economic policies that may affect many business owners and individuals.
Get in touch with us at M Raza & Co to see how any of the changes above may affect you or your company on 02920 616986 or use our contact page to email us.
