Rishi vs Starmer: What Impact Will It Have On You?

You may or may not have watched the ITV Debate (showcasing just how underwhelming politicians are these days), with 4th July coming up.

It is all over the news, but guess what? Whoever ends up in charge, not much will change—and that's a good thing. The power to change things lies within you, not those politicians. Understand that, and everything becomes better.

What will change, you ask? Well, whoever wins, taxes might go up. Or they might not. Don’t lose sleep over it. We’re already bearing the highest tax burden since 1948. It's hard to imagine they can squeeze us much more.

If the Conservatives win, we'll keep dealing with sky-high Income Tax rates, a Personal Allowance that's been frozen for years (seriously, when will they let us eat our own slice of cake?), and slashed capital gains and dividend exemptions. Oh, and don't forget, Corporation Tax just shot up by a third. Buy-to-let landlords? They're practically drowning in tax hikes and scrapped perks.

If Labour wins, expect some envy politics, like hitting private schools with higher taxes to keep certain factions quiet for a bit.

Pensions and ISAs will probably get messed around with.

One thing that did stand out to us from the debate was Kier Starmer's claim that he would not use private health care should a family member require care who was on an NHS waiting list. Sunak outright said he would use private health care.

It got me thinking, would you? I know I would.

It also timed very well this week as we had BUPA in for a talk regarding their offering and how important and convenient private health care can be.

Remember this is something we offer at 7FP. If you, your family or friends need advice on your current arrangements, drop up us a message and we'd happily look at your protection arrangements for you. Protection is the first part of any good plan, after all.

So in a nutshell: Keep Calm and Plan On

Be the change you want to see in the world—or at least in your own life! The election? It’s not going to drastically change our day-to-day. That's up to you.

Have a plan that goes beyond the political circus.