With a General Election scheduled in the UK on the 4 July 2024, we welcome you to our guide on the policies of the major UK political parties! Whether you’re gearing up for the next general election or just curious about what each party stands for, we’ve got you covered. Let’s dive into the key policy areas: tax initiatives, energy, housing, education, pensions & benefits, NHS, minimum wage, and childcare. Ready? Let’s go! 🚀
How Will The General Election Affect The Tax You Pay 💰?
Conservatives 🔵
The Conservatives promise no new tax increases but have been criticized for a potential “stealth tax” by freezing personal allowance and the 40p threshold. This could indirectly increase taxes as inflation rises.
Labour 🔴
Labour commits to no tax rises for the majority, focusing instead on increasing taxes on the wealthiest to ensure fair contributions without burdening low and middle-income earners.
Reform UK ➡️
Reform UK plans to lift the personal allowance to £20,000 and increase the higher rate tax threshold to £70,000. This move aims to reduce the tax burden on middle-income earners significantly.
Liberal Democrats 🟡
The Lib Dems propose unfreezing tax thresholds to ensure that tax burdens do not fall disproportionately on low earners. They believe this will create a fairer tax system.
Green Party 🟢
The Greens aim to rebalance the tax system to raise £30 billion, which would impact National Insurance (NI). The exact changes and their effects on NI are still unclear but would target wealthier individuals.
How Will The General Election Affect Energy? 🌿
Conservatives🔵
The Conservatives plan to retain the energy price cap to protect consumers and ease the pressure of meeting net zero targets by 2050 through a balanced energy mix, including nuclear and renewable energy sources.
Labour 🔴
Labour supports a time-limited windfall tax on oil and gas giants to fund the creation of Great British Energy, a publicly owned, clean energy company. They aim for a transition to clean power while ensuring energy security.
Reform UK ➡️
Reform UK proposes cutting energy taxes, scrapping VAT on energy bills, and scrapping net zero targets and subsidies. They plan to invest heavily in North Sea gas and oil to secure energy independence.
Liberal Democrats 🟡
The Lib Dems advocate for tax incentives for homes to reduce energy consumption and offer free retrofitting for low-income households. Significant investments in renewable energies are also a key part of their plan.
Green Party 🟢
The Greens propose taxing the wealthiest 1% to invest £250 billion in council-led schemes to insulate 10 million homes, aiming for a rapid transition to energy efficiency and sustainability.
How Will The General Election Affect Housing 🏠?
Conservative 🔵
The Conservatives focus on housing reform, with a promise to build 300,000 homes per year by the mid-2020s. They aim to streamline the planning process to accelerate housing development.
Labour 🔴
Labour pledges to build 1.5 million new homes within five years, focusing on social and council housing to address the housing crisis and ensure affordable homes for all.
Reform UK ➡️
Reform UK plans to review the planning system, similar to Conservative proposals, but also include reforms in social housing and tax incentives for landlords. They advocate for significant cuts to stamp duty to encourage property transactions.
Liberal Democrats 🟡
The Lib Dems focus on building new council and social homes, strengthening renters’ rights, and improving new home standards. They aim to create a fairer housing market with better protections for tenants.
Green Party 🟢
The Greens propose a freeze on rental increases and a ban on no-fault evictions to protect tenants. They aim to ensure housing is affordable and secure for all.
How Will The General Election Affect Childcare 👶
Conservative 🔵
The Conservatives plan to complete their childcare initiative by September 2025, offering 30 hours of free childcare per week for all children under five, for families earning between £9.5K to £100K.
Labour 🔴
Labour has committed to the full childcare expansion plan proposed by the Conservatives, ensuring affordable and accessible childcare for working families.
Reform UK ➡️
Reform UK aims to front-load the child benefits system for children aged 1-4, allowing a parent to stay at home during these critical early years.
Liberal Democrats 🟡
The Lib Dems propose free full-time childcare for all children aged two and above, or from nine months if parents are working. This plan aims to support working parents and early childhood development.
Green Party 🟢
The Greens advocate for 35 hours of free childcare per week for all children from the age of nine months, supporting families and early education.
How Will The General Election Affect Your Pension 👴?
Conservatives 🔵
The Conservatives propose a “quadruple lock” to keep the state pension rising untaxed, ensuring pensioners’ incomes are protected against inflation and cost-of-living increases.
Labour 🔴
Labour plans to bring back the lifetime allowance, which was abolished, providing a significant boost to pension savings for many.
Reform UK ➡️
Reform UK suggests reviewing pensions and implementing systems similar to Australia, encouraging individuals to save towards their pensions from a younger age.
Liberal Democrats 🟡
The Lib Dems intend to keep the triple lock on pensions and will require pension funds to be green, promoting sustainable and ethical investment practices.
Green Party 🟢
The Greens propose a new tax system that would exclude tax on pensions, providing a universal basic income for all, including those who want to retire early.
How Will The Election Affect Benefits?
Conservatives 🔵
The Conservatives plan a crackdown on benefits with their “Get Britain Working” campaign, aiming to reduce long-term dependency on welfare.
Labour 🔴
Labour supports a complete crackdown on benefits fraud and abuse but emphasizes no option for a lifetime on benefits without active efforts to find employment.
Reform UK ➡️
Reform UK proposes withdrawing benefits after four months if no job offer is accepted after two offers, encouraging job-seeking and reducing welfare dependency.
Liberal Democrats 🟡
The Lib Dems aim to reverse the £20 cut to Universal Credit and raise legacy benefits, providing better support for low-income families.
Green Party 🟢
The Greens advocate for a universal basic income for all, not just those currently claiming benefits, to ensure a safety net and financial stability for everyone.
How Will The General Election Impact The NHS 🏥?
Conservatives 🔵
The Conservatives aim to cut wait times by recruiting more doctors and nurses, pledging not to make any public funding cuts to the NHS. They promise an increase of £33.9 billion in NHS funding by 2024.
Labour 🔴
Labour plans to create 2 million more NHS appointments, pay staff extra for working evenings and weekends, and use private healthcare providers for free to reduce waiting times.
Reform UK ➡️
Reform UK proposes that NHS staff pay zero basic tax for three years and suggests using overseas providers to cut waiting lists. They also offer a 20% tax relief on private healthcare.
Liberal Democrats 🟡
The Lib Dems advocate for training and recruiting more doctors, GPs, and nurses, reforming NHS dentistry, and offering free at-home care for the elderly to improve service delivery and accessibility.
Green Party 🟢
The Greens plan to increase public health spending by £1.4 billion and immediately raise NHS funding by £8 billion to improve staff wages and healthcare services.
How Will the Election Impact Minimum Wage 💵?
Conservative Party 🔵
The Conservatives recently increased the national living wage to £11.44 in April but have not indicated further increases. They aim to balance wage growth with economic sustainability.
Labour 🔴
Labour proposes creating a real living wage that takes into account the actual cost of living, ensuring workers can afford a decent standard of living.
Reform UK ➡️
Reform UK has not provided specific details on minimum wage policy but emphasizes aligning wages with productivity and economic growth.
Liberal Democrats 🟡
The Lib Dems propose implementing a careers minimum wage £2 above the standard minimum, ensuring better pay for those in skilled roles.
Green Party 🟢
The Greens have historically supported a £15 an hour minimum wage but have not included it in their official manifesto. They continue to advocate for fair wages for all workers.
Want more info? Follow the links to
- Conservative Party Website
- Labour Party Website
- Reform UK Website
- Liberal Democrats Website
- Green Party Website
Final Thoughts?
Voting is extremely important as its one of your only abilities to influence change in our country, we have political landscape filled with false promises and misdirection, its extremely important to do your own research and come to your own conclusion on which party best reflects your interests and core values. If you haven’t yet registered to vote follow the link here!
