On Tuesday 18th April 2017, Prime Minister and leader of the Conservative Party, Theresa May called a UK general election for Thursday 8th June 2017. It will be the first general election since the Brexit referendum result, when the UK voted to leave the EU in June 2016. As the date of the election fast approaches, we look to see how it will affect you and your working life, depending on which party comes away victorious as the new Prime Minister and leader of the United Kingdom, by looking at each of the big three party’s manifestos.
The favourites to remain in power are the Conservative Party, who plan to raise the National Living Wage and also raise the Tax-free personal allowance.
– Raising the National Living Wage for over 25s to be ‘in line with median incomes’ by 2022.
– Tax-free personal allowance will rise to £12,500 by 2020.
– 40p tax threshold will rise to £50,000 by 2020.
– Corporation tax will fall to 17%, one of the lowest rates anywhere in the OECD.
– VAT will not be increased.
– New statutory bereavement leave will be offered to parents who lose a child
– Employers will get a 12-month holiday on paying National Insurance if they hire ex-offenders or people who’ve been unemployed for a year
– The pension triple lock will be scrapped – it made state pensions rise by at least 2.5% a year, with inflation or earnings, whichever is highest. Instead there will be double lock removing the 2.5% principle.
Jeremy Corbyn the leader of the Labour Party aims to not raise tax for 95% of UK workers whilst raising tax for those earning over £80,000 a year.
– Corporation tax will rise to 26% for bigger firms.
– Income tax will be raised for anyone earning over £80,000 per year.
– 95% of workers will not see a tax increase at all.
– Small businesses will be offered support including loans from regional development banks. This will also incorporate new laws on firms making late payments.
– Businesses deemed ‘systemically important’ to the nation will be protected in law from hostile takeovers.
– Scrap bedroom tax and reinstate housing benefit for under-21s.
– Review cuts to Universal Credit and limits on payments to first two children of families.
– Compensation for women born in 50s who had state pension age changed without fair notification.
– “Triple lock” pensions guaranteed throughout next parliament or kept to at least 2.5 per cent.
– Reduce pay inequality through legislation by introducing an “excessive pay levy” on companies with high numbers of staff on high pay.
– Zero hours contracts outlawed.
– Unpaid internships banned.
– Employers stopped from only recruiting from overseas.
– Bring minimum wage in line with living wage – at least £10 by 2020.
– Rights for all workers to have access to a trade union.
– Paternity leave doubled to four weeks and paternity pay increased
– Protections for women on maternity leave strengthened.
– Four new public holidays to mark patron saints’ days.
Tim Farron and the Liberal Democrats are the big outsiders to take the throne, but they plan to look after those on a low income by setting a genuine living wage, whilst increasing corporation tax.
– Income tax will rise by 1p in every pound to fund the NHS.
– Corporation tax will rise to 20%.
– Reverse cuts to Universal Credit at a cost of £3.6billion.
– Reinstate housing benefits for 18-21 year olds.
– Paternity leave will increase by a month.
– An independent review would consider setting a genuine living wage.
– Workers will get more rights to move off zero-hour contracts but the contracts won’t be banned outright.
– More parents can earn Universal Credit by lowering thresholds.
– The Bedroom Tax will be scrapped.
– The pension triple lock will be protected over the parliament – making pensions rise by at least 2.5% a year, with inflation or earnings, whichever is highest.
Having looked at all the manifestos from the big three parties, it is clear to see that there will be an impact on your life when the votes are counted in the early hours of Friday 9th June. You will see some positives, but also some negatives depending on who wins.
Hopefully this blog has given you more of an understanding of which way you want to vote on Thursday 8th June 2017. Just make sure that you vote with your head and not your heart, as all the above changes will be implemented in the future by the victorious party at No 10 Downing Street. This change will undoubtedly have an impact on your career and working life so be sure to consider this when casting your vote on the big day.