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Which parties will make you richer or poorer in this election?
Plus: 'I retired from my 40k pilot job and bought three annuities'

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The Telegraph

Wednesday November 27 2019

Telegraph Money

 

The week's most important personal finance news, analysis and expert advice, from pensions and property to investment ideas and savings tips.

What does this election really mean for your money?

By Stephanie Baxter,
Deputy personal finance editor

Election coverage has become dominated by Labour's anti-semitism crisis after Jeremy Corbyn last night refused to apologise during a BBC interview. But don’t let this distract you too much from the other crucial factors at play in this election – and I don’t mean Brexit. Which party will leave you better off financially?

In the same interview, the Labour leader conceded that his claim that only “rich people” earning more than 80,000 would pay tax was incorrect. In fact, he admitted, hundreds of thousands of people on low incomes would pay more tax under a Labour government because of their pledge to scrap the marriage tax allowance.

This proposal, which is also in the Lib Dems’ manifesto, would cost married couples on modest incomes around 250 a year.

Corbyn’s pledge to increase tax on dividends could also leave those earning well under 80,000 with less in their wallet. The party claims to be going after billionaires, but ordinary taxpayers will find themselves caught up in the net.

Does earning 80,000 even make you among the richest in society, as Labour claims? It definitely puts you among the top 5pc of earners – but Lauren Davidson looks at why this amount doesn't feel all that wealthy.

There's all this and plenty more in Telegraph Money's analysis of what the manifestos from the Tories, Labour and Liberal Democrats mean for all your personal finances, from tax and pensions to buy-to-let and property. There are just over two weeks until polling day. How will your vote affect your future?

Find out how the election will impact your investments and more by signing up to our Investor newsletter which is sent every Thursday.

 
 

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You have the last word...

 

Paul Pelosi says of 'Does earning 80,000 a year make you rich?': "Wealth is not the same as income. Most homeowners are more or less wealthy. Look at the Telegraph's property page. Few of the houses for sale are now under 1m. You are poor if your 80,000 per year is spent every year. You are a slave if you spend 16 hours per day earning it. Most people think all their problems would be solved if they earned twice as much. But they are never solved. They just spend the doubled income as they did the previous income – on more toys and grander experience. Rarely is the extra saved or invested. Windfalls and lottery wins are almost always spent right away, and they are back to square one. Poor on any income – low or high."

 
 

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