For the insurance industry, the last 12 months in the UK has been a difficult time. Ever since that fateful vote in June last year that saw Britain’s exit from the European Union begin, uncertainty has swirled around the future of doing business in the country – and a host of insurers, from Lloyd’s of London to
AIG and from
Beazley to Markel, have already outlined their plans to set up shop overseas (see
Insurance meets Brexit: Where is everybody going?)
However, now there is a chance to gain some control over matters once more – with June 08’s snap general election giving people the chance to at least have some say in where the country goes from here.
While stopping Brexit may not be on the table, we run through the main policies of the three major political parties below and then ask you to share with us your thoughts ahead of the election. Perhaps you believe strongly that one party is firmly best for your future and for the insurance business world; or perhaps you’re leaning one way or another based on certain manifesto outlines. Whatever your reasons, and whatever way you may wish to vote (and yes, that includes the other parties we’re not listing here), we’d love to hear from you.
So what are those policies?
Conservatives
Much of Theresa May’s focus in the build-up to an election she is expected to win with ease, has been on the elderly and social care. In particular she has proposed that the elderly living in residential care or receiving care in their own home will be expected to fund the entire cost, less the last £100,000 of their assets. A “triple lock” on pensions would also be replaced by a “double lock” in 2020 and winter fuel payments would be means-tested.
Other notable plans include the personal income tax allowance to rise to £12,500; and the higher-tax rate threshold to climb to £50,000 by 2020. Previous pledges to freeze national insurance, income tax and VAT have been scrapped.
Labour
Jeremy Corbyn’s party has faced plenty of in-fighting over the last couple of years and many see this election as make or break for the party leader, so where has he placed his bets? One aspect has been to target the support of the working man/woman with some shots fired at “fat cats” – those earning more than £80,000 would get a 45p income tax rate rise, with those earning above £123,000 facing a 50p rise.
There would also be a “fat cat tax” on companies that have high levels of executive pay.
In addition, his plan is to scrap university tuition fees; cap the average household energy bill at £1,000; scrap increases to the state pension age beyond 66; add VAT to private school fees to fund free school meals; and introduce higher taxes on residential properties held in offshore trusts.
Liberal Democrats
For Tim Farron the election presents an opportunity to rejuvenate a party that lost many of its hardened supporters during its era in power as part of the coalition government. To regain that support he plans to raise income tax by a penny in order to boost social care services and the NHS; introduce a £72,000 cap on the amount the elderly can pay for social care; end marriage tax allowances; reverse cuts to capital gains tax and raise the inheritance tax threshold; reinstate university maintenance grants; and allow tenants to have first refusal should a landlord decide to sell a property.
Of course there are many more political parties to choose from – but now you have the outline of the manifestos, please offer us some input into your thoughts ahead of the election by leaving a comment below.
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