Finances and elections are intrinsically intertwined; indeed, the value of the pound can often be directly related to the potential election winners in the United Kingdom. Although we do not have any particular persuasion here at United Kingdom Loans, we do keep an eye on the polls that are precursors to the election, as whoever takes the seat of the Government in December 2019 will have significant influence over the state of the finances within the UK into 2020 and beyond.
Labour Party and Finances
The Labour Party is a centre-left political party within the United Kingdom, and they have literally promised the earth in relation to finances. Increased tax charges for higher earners (those who earn £80k plus per year) is one way in which they will look to raise funds, which they promise to reinvest in council housing, schools and health. Although this is indeed a noble and, one may argue, a noble cause, the imposition of raised taxes for higher earners may distance them from many voters. It has been reported that Labour could potentially raise £800 billion (yes, billion!) through increased taxes on the wealthy. Such a large sum of money will help many in the United Kingdom, but what would be the long-term cost of such significant changes? Here at United Kingdom Loans, we are not entirely certain what the impact on the UK financial sector would be, were Labour to win, but it will be potentially interesting!
Although radical changes have been proposed, anything can be promised during speeches and rallying calls. In reality, would radical changes truly be possible? Here at United Kingdom Loans, we are not sure how such significant and overarching changes could be made without there being unrest amongst some sectors of society.
We do, however, like the promise of free broadband and potential 4-day weeks, although sadly, United Kingdom Loans operates 24 hours per day and our staff would therefore not benefit from shorter working weeks as such. With regard to finances, it could be argued that shorter working weeks would lead to increased productivity and in terms of the state of the economy, this would benefit the nation and could ultimately raise the value of the pound. It is certainly an interesting time in UK politics, and its direct correlation with the UK financial sector will keep us intrigued with politics for the foreseeable future.