Rishi Sunak’s Post

Prime Minister Rishi Sunak surprised everybody on 22 May, including many in his party – with his announcement of a general election on Thursday 4 July🇬🇧 Our latest blog addresses the election timeline, tax policies so far and what we can expect to see for the post-election landscape🤔 Take a look below for further insight in to the 2024 General Election👇 https://lnkd.in/euQAPg8f #generalelection #taxpolicies

Phil Smithyes sets out 5 practical steps you can take to manage your finances in the context of potential changes resulting from the upcoming UK general election. Get in touch if you want to discuss these.

On 6 March, Chancellor of the Exchequer Jeremy Hunt delivered his Spring Budget to the House of Commons declaring it was “a Budget for long-term growth.” The fiscal update included a number of new policy measures, such as a widely-anticipated reduction in National Insurance, abolition of the non-dom tax status and new savings products designed to encourage more people to invest in UK assets. The Chancellor said his policies would help build a “high wage, high skill economy” and deliver “more investment, more jobs, better public services and lower taxes.” We have sought to pick out all the key points from the Spring Budget 2024, including: · OBR forecasts · Cost-of-living measures · Personal taxation, savings and pensions · Property taxation · Public services Please click here for a full Spring Budget summary: https://lnkd.in/eVYzJ8XN #SpringBudget Chamber of Commerce Taunton

After much speculation about when The Prime Minister would call a General Election, Rishi Sunak surprised many with his announcement in recent days that it would take place on 4 July. As with all General Election campaigns, people want to know what it means for their income and what tax changes are likely to occur. With Labour’s vast lead in the opinion polls (around 20 points ahead on average), many are focusing on what a Keir Starmer-led Government might do. One area highlighted is his policy on introducing VAT on private school fees – something the Conservatives are against. We’ve seen the Conservative Government make National Insurance cuts in the recent Budget and Autumn Statement, and some signaling of an ambition of scrapping NI entirely in the very long run. So that trend may continue if the party regains power. We’ve not had any major statements on income tax yet, though Labour has been saying in the last 12 months that it would not be looking to raise either income tax or national insurance. One major difference between Labour and the Conservatives might be on IHT. It’s been talked about so many times, but will this be the time when the Conservatives commit to scrapping the tax, as has been debated frequently? Labour on the other hand has said it’s opposed to its abolition. However, at the time of writing, none of the major parties have published a manifesto so we don’t know quite yet what the major tax pledges are going to be. Watch this space!

Prime Minister Rishi Sunak is setting the record straight. He insists that fiscal plans will not result in a period of austerity for public services. The PM acknowledged that challenges do lie ahead, and he remains focused on fostering economic growth. Read more: https://yhoo.it/4a496nC #AutumnStatement #UKEconomy #StellarSelect #EconomicFuture

Yesterday, the Chancellor, Jeremy Hunt, announced his Autumn Statement 2023 and whilst there were some surprise announcements this was very much (as expected) a budget for the polls. Headlines: National insurance cuts Living wage increase Benefits and state pension increases Self-employed tax cuts Business rates discount Business investment tax break Alcohol duty freeze Housing and planning measures No inheritance tax cut No change to income tax You can read more about all these headlines in our full summary report below. View our Full Summary Report Here: https://lnkd.in/e2GfTQPq

Prime Minister Rishi Sunak’s has announced the next general election will take place on 4 July in the UK. WHY? 1.   The UK’s economy has been slowly recovering with an inflation rate of 2.3% in April 2024, the lowest since July 2021, and 0.9% lower than in March which has increased his confidence in his leadership. As one key adviser to Sunak told CNN: “We’ve got a solid foundation to say that things are going in the right direction, and the view was that now was the best time to go to the country and say ‘here’s what we’ve done, our plan is working, now who do you think has the plan and the capacity to take the bold action to move this country forwards towards a more secure future.’” 2.   Despite the prime minister’s MPs rejecting his recently introduced smoke-ban displaying the lack of confidence by his own party, it has been relatively peaceful for the prime minister from the point of view of any scandals. He wants to use this calm before another storm to his advantage. 3.    His principal immigration policy involving initiatives such as “Stop the Boats", to send asylum seekers to Rwanda has become a plan that faced criticism owing to its lack of practicality has slowly started to come into action. 4.    To respond to claims suggesting that he is waiting as long as possible to avoid losing to the opposition as almost all polls are not in his favour of winning the election. 5.    Simply because he did say he would hold the elections this year! Despite the above, the opposition seems to have a different take on Rishi Sunak’s decision to call for a general election now. They believe that the economy is stalling with little to no hope of tax cuts and stagnation of the migration plan owing to its impracticality. Thus, the Conservatives wish to use this temporary recovery of the economy to their advantage. #elections #primeminister #UK #CNN #July4 #Rishisunak #conservatives Picture credits: Open Democracy

After much speculation about when The Prime Minister would call a General Election, Rishi Sunak surprised many with his announcement in recent days that it would take place on 4 July. As with all General Election campaigns, people want to know what it means for their income and what tax changes are likely to occur. With Labour’s vast lead in the opinion polls (around 20 points ahead on average), many are focusing on what a Keir Starmer-led Government might do. One area highlighted is his policy on introducing VAT on private school fees – something the Conservatives are against. We’ve seen the Conservative Government make National Insurance cuts in the recent Budget and Autumn Statement, and some signaling of an ambition of scrapping NI entirely in the very long run. So that trend may continue if the party regains power. We’ve not had any major statements on income tax yet, though Labour has been saying in the last 12 months that it would not be looking to raise either income tax or national insurance. One major difference between Labour and the Conservatives might be on IHT. It’s been talked about so many times, but will this be the time when the Conservatives commit to scrapping the tax, as has been debated frequently? Labour on the other hand has said it’s opposed to its abolition. However, at the time of writing, none of the major parties have published a manifesto so we don’t know quite yet what the major tax pledges are going to be. Watch this space!

Today the Prime Minister Rishi Sunak launched his party manifesto with a key emphasis on lowering taxes should the Conservatives win the #GeneralElection on 4th July 2024. The key #tax cuts would include the halving of national insurance and its abolition for the self-employed. The Conservatives would also recruit 8,000 additional police officers, fund the National Service scheme and increase apprenticeship numbers. How could this be afforded without tax rises....well headcount reductions at the Civil Service for starters, reducing spend on consultancies and fewer NHS managers should sort it and of course if the numbers are not just right throw in 'quango efficiencies'💥...the numbers work. The PoliMonitor team have pulled apart the manifesto and broken it down into nice neat sectors to make it easier to make sense of. Do download our free briefing here 👉 https://lnkd.in/eQ4iz3Hs More manifestos coming this week and we will be comparing and contrasting the different pledges to make it simple to see where each party stands on key issues.

Last week Rishi Sunak published a summary of his tax affairs. It didn't tell us a huge amount new. We know that he's a wealthy man. The summary did highlight that the Prime Minister pays the same effective tax rate as the average teacher - 23%. This is because Sunak gets most of his earnings from his investments and his wealth. These earnings are taxed at a much lower rate than income from work. It's time to end this disparity and ensure that income from work and wealth are taxed at the same rate. This could bring in up to £14 billion a year for investment-starved public services. We'll be continuing to campaign for a fairer tax system in the run up to the election and afterwards. More info here: https://lnkd.in/erStKjDA