On The Money
What the general election means for your personal finances
Jun 6, 2024
Personal finance editor Craig Rickman discusses the potential impact of the upcoming general election on pensions, ISAs, and the stock market with Kyle. They delve into topics like interest rate predictions, state pension policies, new British ISAs, and implications on investors and the bond market.
16:22
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Quick takeaways
- The upcoming general election has impacted interest rates predictions, with tax thresholds frozen until 2028 causing more taxpayers to enter higher brackets.
- Pension policies and tax implications are influenced by the election, with proposals like state pension triple lock plus and potential reinstatement of the Lifetime Pension Allowance.
Deep dives
Interest Rates and Election Impact
With the upcoming general election, the discussion around interest rates has gained attention. There were speculations of a rate cut in June, but the election scenario has made it highly unlikely. Both parties have hinted at keeping tax thresholds frozen until 2028, leading to more taxpayers entering higher tax brackets, a concept known as fiscal drag. The election dynamics have significantly influenced the prediction of interest rate cuts and financial decisions.
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