What an extraordinary result for the Conservatives. Die-hard Labour supporters voting for the Blues for the first time.
For readers who missed our post last week we have copied in what can be expected in the new government’s first Budget – expected early February 2020 – and we can expect all parliamentary activity in the interim to be taken up with the ratification of the Withdrawal Bill; getting Brexit done.
Manifesto tax promises
- No increases in the rate of Income Tax, VAT or National Insurance.
- Raise the National Insurance threshold to £9,500 from next year.
- The triple lock on State Pension to be retained as will the Winter Fuel Payment and other pensioner benefits.
- A reduction in business rates.
- Increase the National Insurance Employment Allowance.
- Clamp down on late payers of business accounts.
- Increase the R & D tax credit to 13%.
- Reforms promised to CGT Entrepreneurs’ Relief.
- Introduce new tax anti-avoidance legislation.
The Labour Party is confined to a period of navel gazing, Corbyn’s socialist agenda – even with its promised spending jamboree – has clearly not resonated with voters. It is likely that their ability of forming a government has been stymied for some years.
What we should all be celebrating is the likely end to uncertainty. UK voters have said enough is enough. Let’s hope that UK business owners and managers will now receive a clear direction from government, guidelines that suggest what will happen, and not as in the past three years, what might happen.
Wishing you all a Merry Christmas and a prosperous 2020.