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Here’s How Your Vote in Election 2017 Could Boost or Break Your Bottom Line

07-06-2017 Posted by:Victoria Arrington

Here’s How Your Vote in Election 2017 Could Boost or Break Your Bottom Line


What Election 2017 Means For the Direction of Your Financial Future

The best investment you can make for your future is to vote on 8 June – Here’s how to choose the party that represents everything that you (financially) believe in.

There is an investment out there that could make or break your financial future, that costs nothing more than a few minutes of your time – and that investment is to vote.

But just how much could your vote affect your finances (and your life) for years to come?

Will your wages be increasing by £6,435? Will you be spending £440 more a year on your children’s school lunches? Could your energy tariff go up this winter by £300 or more?

With Brexit looming, the pound weakening, and property values dropping, our current reality is a world that’s on the brink of great change – for better or for worse. Whomever comes to power will steer your life and finances in unprecedented ways – with ramifications going years, or even decades beyond 8 June.
The major parties have a lot to say – about your bottom line. So, here’s a quick breakdown to enable you to make the right choice for you and your family’s financial future.

About this analysis: In this article, we are looking at the election specifically from the point of view of how it affects your personal finances – so we will not be examining issues outside of finance, such as defence.

We have chosen to only examine the four parties holding the most seats before parliament was dissolved, excluding regional parties, so that we could do this analysis on a UK-wide scale. This means we are considering the positions of the Conservatives, Labour, The Liberal Democrats, and The Green Party.


Looking After Your Children – Their Education and Care


Children’s Financial Future and Election 2017

How Will Your Children’s Financial Future be Affected by Election 2017?

Helping your children have as much potential for the future is vital for their (and your!) long-term happiness. Their future will be pivoted by how you vote on 8 June. But, which party will help your children discover the future they deserve?


The Conservatives have plans to introduce 30 hours per week of free childcare, however it would be limited to three and four-year-olds. There are no mentioned allowances for younger children. There would also be a capital fund set up to help primary schools set up nurseries if needed, but with no specific financial figures added.


With reports of cutbacks affecting schoolchildren on numerous levels – with pupils even having to clean their own classrooms, Conservative budget cuts have come under criticism.

For some families, the Conservative plans to scrap free school lunches for infants will cause financial strain as well – at an average of £440 per child[i], affecting up to 1m families. The party argues that these plans will benefit pupils on a larger scale by reallocating their £650m cost to bridge other school funding gaps.

We don’t think it is right to spend precious resources on subsidising school meals for better-off parents. So instead we will give that money to headteachers, to spend on pupils’ education instead.



It is time to start putting the case for investment in learning from cradle to grave. A National Education Service would be every bit as vital and as free at the point of use as our NHS.

-Jeremy Corbyn

Labour has announced intentions for a “National Education Service” – an educational equivalent of the NHS, which aims to universally democratise access to education up to an undergraduate level. For working parents, the challenges of childcare may be eased by their promise of 30 hours per week of universal childcare for children over two, and some one-year-olds.

For school-age children, school budgets are promised to be bolstered. Also, free school lunches would be extended to all primary school children (currently they stop after year 2).

And when it’s time for university, Labour aims to scrap tuition fees, making advanced education available to all. According to their manifesto, this would save the average student £44,000 in based on modern charges – letting them start their career without the burden of debt.

It’s important to note however, that these ideas must be funded somehow – and some critics think it’s unfeasible. The plans have been criticised by the Chief Secretary to the Treasury, David Gauke, saying: “Corbyn’s nonsensical ideas simply don’t add up…and every single working family in this country would pay for Corbyn’s chaos with higher taxes”.

The Green Party

Imagine free universal early education and childcare, with compulsory education starting at 7. Smaller classes and free nutritious lunches…Education is good for each of us, but it is also good for all of us – it’s a common good. That’s why the Green Party will make education free for everyone up to and including university or equivalent.

-Green Party Manifesto 2017

The Green party’s plans include many of the same elements as Labour, but go further with childcare, making it universal from birth. Free lunch would be also available for primary school children across the board.

Liberal Democrats

With our Pupil Premium, investing in children who might otherwise fall behind, we are finally beginning to tackle the scandalous gap in attainment between rich and poor…Liberal Democrats recognise the dual role of education in giving young people the knowledge and skills they need to be part of a productive, competitive economy, and helping them grow into happy, healthy and engaged members of their community.

-Liberal Democrat Manifesto 2017

Alternatively, the Liberal Democrats would also offer all that Labour does, but with only 15 hours of childcare rather than 30. Also university fees would stay in place, but not repayable until the borrower had an income that exceeded £21,000. University Maintenance grants would be also reinstated for poorer pupils.

In addition, they look to triple the Pupil premium, with the Guardian reporting that “The early years pupil premium is currently worth £300 a year for three- and four-year-olds from disadvantaged backgrounds in nursery…and the Lib Dem policy would take its value to £1,000 per child by 2020. More than 170,000 children could benefit”.

Here’s what your vote could cost/save you:

The average family has about 2 dependent children according to ONS. Using this number, the below is an exploration of how much each party’s policies could cost/save you if you had a 2-year-old and a 7-year-old (in state school), and you and your spouse made the 2016 average wage of £27,500.

This is also based the Family and Childcare Trust’s 16th annual Childcare Survey, which cites that the average family spends about £4.50 an hour week for childcare costs for a 2-year-old (at 30 hours per week/48 working weeks a year, this would be £6480), and the Education Policy Institute’s figure of £440 per year/per child in the savings that parents save per child from free lunches.

Conservatives: By abolishing free school lunches for infants, you would have to pay an additional £440 per year for your 7-year-old’s school meals per year. You would continue to pay childcare for your 2-year-old, at a cost of £6480 per year, but when they turned 3, childcare would be covered.

Labour: Your 2-year-old’s 30 hours of free childcare would save your household £6480 per year. No changes to your 7-year-old, but you would still save about £440 on their lunches. In the longer term, if university fees were scrapped, the household could save £88,000 on student loans.

Green: Like with Labour, your 2-year-old would have free childcare, saving your household £6480 per year. Also, no changes to your 7-year-old, but you would still save about £440 on lunches. They also aim to scrap university fees, saving £88,000 on student loans, along with maintenance grants for those who are 16 and older in full time education, which would provide household savings later on.

LibDems: Your 2-year-old would get 15 hours of free childcare, saving your household £3240 per year. No changes to your 7-year-old, but you would still save about £440 on school lunches, which would be retained. For older children, they wish to “Reinstate maintenance grants for the poorest students, ensuring that living costs are not a barrier to disadvantaged young people studying at university” – which make take the burden off of you having to finance your children’s lives at university.


Your Cost of Living – How Could Your Vote Lower Your Bills?

Personal Finances and the 2017 Election - How Could Your Vote Lower Your Bills?

Could the government ease the pressure of your daily bills?

Tackling living costs must mean making consumer markets work fairly. Markets should work for consumers, as well as producers – with competition keeping prices low and encouraging new product development. Poor information, complex pricing and exploitative behaviour prevents markets operating efficiently for the benefit of all.

 -Conservative Manifesto 2017

Energy Prices – Could The Government Help Take Control?

Your energy tariff will be affected by how you vote – more than you think.

Your energy tariff will be affected by how you vote – more than you think.

Your energy tariff will be affected by how you vote – more than you think.

We recently reported that 13,170 people in the UK died in the winter of 2014-15 from not being able to afford heat. This is a tragic statistic, which makes it clear that political action must be taken to make energy and fuel more accessible, especially in the cold winter months.

Also, with Brexit on the horizon, there must be considerations for how we maintain low prices through our energy trade agreements – which if done well, could save or cost consumers money further down the line.

So, what are the parties saying they will do to address the issue of inflating energy bills?

The Conservatives

We will pay immediate attention to the retail energy market. Customers trust established brands and mistakenly assume their loyalty is rewarded. Energy suppliers have long operated a two-tier market, where those constantly checking for the best deal can do well but others are punished for inactivity with higher prices. Those hit worst are households with lower incomes, people with lower qualifications, people who rent their home and the elderly.

 -Conservative Manifesto 2017

According to the BBC, the Conservatives plan to permanently cap energy bills, with an “absolute cap”, citing Ofgem’s research from last December revealing that 66% of consumers are overpaying up to £260 per year due to overpriced Standard Variable Tariffs.

We will maintain the competitive element of the retail energy market by supporting initiatives to make the switching process easier and more reliable, but the safeguard tariff cap will protect customers who do not switch against abusive price increases.

-Conservative Manifesto 2017

Unsurprisingly, providers are not in support. Speaking to the BBC, The Chief Corporate Officer of Scottish Power said: “If you put a cap on prices, you actually stop competition. That’s the danger of price intervention”, going on to say that when companies do not compete as much, that tends to lead to fewer benefits for customers. This opinion was also backed by British Gas parent firm Centrica and E.On, with the Centrica CEO stating that “In New Zealand, a price cap resulted in price bunching up around the cap, and a loss of competition.”

However, as we reported last week, their other energy plans to curtail winter fuel allowance will mean hundreds, if not thousands, more winter deaths.


The next Labour Government will introduce an immediate emergency price cap to ensure that the average dual-fuel household energy bill remains below £1,000 per year, while we transition to a fairer system for bill payers… Labour understands that many people don’t have time to shop around, they just want reliable and affordable energy.

-Labour Manifesto 2017

In addition, Labour manifesto says that for pensioners, “The Winter Fuel Allowance…will also be guaranteed”.

Green Party

The Green Party would seek to cut energy demand by one-third by 2020, one-half by 2030 and two-thirds by 2050. The UK already has the technology it needs. What is lacking is the political will to build a cleaner, home-grown, more local, more affordable, more democratic and ultimately more reliable energy future.

 -Green Party Manifesto 2017

The Green Party has more of a long-term sustainability plan for renewable energy, and as a result the manifesto does not refer to controls on current tariffs.

Liberal Democrats

The Lib Dems also have a focus on sustainable energy, but on a larger scale rather than enforced tariff caps.

At more than £1,200 a year, the cost of heating and lighting an average home in the UK is too high…We will make saving energy a top infrastructure priority, slashing energy bills and carbon emissions, creating thousands of jobs and helping end the fuel poverty crisis once and for all.

 -Liberal Democrat Manifesto 2017

Here’s what your vote could cost/save you:

All of the major parties champion plans to encourage better insulated homes, potentially subsided by the government. If insulation were installed for free or low cost, this could save you upwards of £150 on your heating based on the average household size and usage (Note: you can learn more about conserving energy immediately through our guide here).

All of the major parties also believe that consumers should be more empowered to switch to better energy tariffs – and we of course couldn’t agree more, being that switching could potentially save households up to £616 per year. The good news is that there is no need to wait for this – it’s something you can do immediately.

For the most vulnerable, winter fuel allowances can protect their health and safety during the freezing months – which is of course priceless.


Conservatives: By introducing price caps, consumers could save £260 a year based on fairer pricing on Single Variable Tariffs. However, pensioners could see winter fuel costs rise £200-£300 per household if the winter fuel allowance was pulled from them.

Labour: With plans to protect winter fuel allowance for pensioners, this would mean saving £200-£300 per household in the colder months. They also aim to cap tariffs at £1000 for the average household, and look into public energy provisions.

LibDems: Also support large initiatives for government-subsidised sustainable energy, which could lead to lower costs long-term for both consumers and the government. They would also “back new entrants in the energy market, aiming for at least 30% of the household market to be supplied by competitors to the ‘Big 6’ by 2020”. Encouraging this could potentially lead to more competitive tariffs across the board. The winter fuel allowance would be withdrawn for pensioners who pay tax at the rate of 40%, costing those households £200-300 a year.

Green: Also have plans to protect the winter fuel allowance. Rather than focusing on current tariffs, they have large and long-term plans for energy sustainability, which could lead to large scale savings in the years to come.

They All Agree – You Shouldn’t be Blindsided by Unfair Price Hikes

All of the parties have taken notice of price abuses that happen when fixed tariffs come to an end. Here’s a quick guide to make sure that doesn’t happen to you.

Affordable housing

Could the government make achieving home ownership easier?

Election 2017 – Could the government make achieving home ownership easier?

With many people being priced out of their homes, people are seeing the landscape of their lives change – literally. And too often, unwittingly.

Homeowners are not the only ones seeing the effects of our new economy. According to The Guardian, the average rent in the UK is £921, and in London is £1246 – and that is after rents had fallen 0.6% nation-wide. After years of severe rises, renters no doubt welcome the slowdown in rents – but for many, rent is still half of their take-home pay.

After years of momentous price rises, homeowners are now feeling the pinch too – with Nationwide reporting that House prices have fallen for the third month in a row – for the first time since 2009.

So what do the parties have to say?

A Conservative government will reform and modernise the home-buying process so it is more efficient and less costly. We will crack down on unfair practices in leasehold, such as escalating ground rents. We will also improve protections for those who rent, including by looking at how we increase security for good tenants and encouraging landlords to offer longer tenancies as standard.

– Conservative Manifesto 2017

Since 2010, housebuilding has fallen to its lowest level since the 1920s… rents have risen faster than incomes, there are almost 200,000 fewer home-owners, and new affordable housebuilding is at a 24-year low.

– Labour Manifesto 2017

Houses and flats are now sites of speculation rather than simply somewhere to call home. They were at the heart of the crash seven years ago, when reckless lending left banks unable to support themselves. We need to return housing to its original purpose: providing us – each and every one of us – with affordable and sustainable shelter.

– Green Party Manifesto 2017

The housing crisis in Britain has become an emergency…we have set an ambitious target of increasing the rate of housebuilding to 300,000 a year – almost double the current level. These new houses must be sustainably planned to ensure that excessive pressure is not placed on existing infrastructure.

– Liberal Democrat Manifesto 2017

 What your vote could cost/save you (homeowners/buyers):

With it getting tougher and tougher to put a foot on the property ladder, many people could use a boost to buy a home of their own. The parties recognise this, with all of them offering potential solutions.

If you already own, there are still things to consider – even if you are not looking to sell anytime soon. You (and the value of your home) can be affected by your vote for years to come. Here’s how each party could potentially affect you:

Conservatives: Leasehold properties would have more regulation on ground rent, which could save thousands for some buyers, particularly in London. They also have laid out plans for “Homes for all, including a new generation of fixed-term council housing linked to a new Right to Buy”, which may make your potential evolution of renter to an owner more affordable.

Labour: They also pledge to end ground rent abuses on leasehold properties, and will end leaseholds all together in new builds. They also want to offer help to buy, and build homes developed specifically to be low cost – perhaps making home ownership more accessible if you are on a tighter budget.

Green: Would scrap the government’s Help-to-buy scheme, which they say “does nothing to help those in the greatest housing need and contributes to excessive demand”. They would take steps to end Stamp Duty Land Tax which could save you thousands on land worth over £150,000, but this could be replaces with an undefined “Land Value Tax”.

LibDems: Would “Help people who cannot afford a deposit by introducing a new Rent-to-Own model where rent payments give tenants an increasing stake in the property, owning it outright after 30 years”. They would also take the additional step of “stopping developers advertising homes abroad before they have been advertised in the UK”, which may keep prices lower for you as a potential domestic buyer.

What your vote could cost/save you (renters):

Conservatives: They aim to increase security and standard lease lengths for good tenants (However unlike other parties, the new standard lease length is not specified in years). The Conservatives also have recently banned letting fees, which could save you hundreds when it’s time to look for a new flat.

Labour: Aim for a limit on rent rises (linked to the rate of inflation) and 3-year-leases as the norm, which could save thousands over the life of a tenancy. This also could prevent you from be forced to move purely out of cost concerns – saving the stress of having to move home needlessly.

Green: They would introduce five-year fixed tenancy agreements, rent control caps that would limit renewal increases to inflation as listed in the Consumer Price Index, and “Change the definition of affordable rented housing to depend on local median incomes and not on local market rents”. Of all the major parties, this could mean the greatest financial impact, but may be the hardest to implement.

LibDems: Would “Help young people into the rental market by establishing a new Help to Rent scheme to provide government-backed tenancy deposit loans for all first-time renters under 30”, making moving into that first home easier for those with limited funds.

They would also “Promote longer tenancies of three years or more with an inflation-linked annual rent increase built in, to give tenants security and limit rent hikes”, offering renters more security, and the ability to save for other things.


Your Wages

How much could your vote potentially boost your wages?

Pounds and Pence – How much could your vote potentially boost your wages?

Of course, the most important baseline for all of your household budget is your income. To begin, there is great news – unemployment is currently at a 42-year low. But not all jobs (or incomes) are created equal.

Fortunately, all of the major parties are looking to address minimum wage, offering plans to boost it across the board. So who would boost the lowest incomes the most?

Here’s what your vote could cost/save you:

Here’s how each party would affect a person on minimum wage, assuming they worked 37.5 hours per week – which means they would currently would take home £13,065 before tax.

Conservatives: by 2020 your minimum income would be £15,900 if you worked full time (60% of the 2016 average wage of £26,500 according to ONS). This would be a rise of £2,835 in gross income.

Labour: In their manifesto, they pledge to raise the minimum wage to £10 for over 18s. This means you would take home at least £19,500 (again assuming 37.5 hrs) an increase of £6,435.

Green: Like Labour, they also pledge to raise the minimum wage to £10 for over 18s. This means you would take home at least £19,500 (again assuming 37.5 hrs) an increase of £6,435. Also, they wish to introduce a basic universal income to all, which could further boost your income – and your tax burden.

LibDems: Offering less specifics than the other major parties, the LibDems simply say “Establish an independent review to consult on how to set a genuine Living Wage across all sectors. We will pay this Living Wage in all central government departments and their agencies, and encourage other public sector employers to do likewise”. The impact on your take-home pay is not yet specific to any numbers.

How Will Election 2017 Affect Your Pensions and Old Age Care?

With cuts to winter fuel allowance and changing pension rules, your vote could greatly affect your later years.

In Old Age

To ensure that your golden years are the brightest of your life, it’s important to consider what your vote means today – and for your resources in the future. Britons are living longer than ever before – and even if your retirement is 30, 40 or even 50 years away, political decisions made today will ripple far into your financial future.


It’s a common belief that your pension is a pay out from what you have contributed over in payments over the course of your working life. But the reality is that the money you paid into your pension is long gone – as pensions are actually paid forward to older people directly from the incoming payments of the current working population. The idea is that when you reach pension age, the working people of the future will pay for you.

However, those who developed the system could not foresee the massive population growth we have seen in the last century. With the population of the world now at 7.5 billion – over triple that of 1950 – how do we cope with the massive demand such growth puts on the system?

All the major parties recognise that this is an issue – but they have different plans on how to resolve it.

One way it’s being addressed is by raising the pension age, which is going up to 66 in 2020. Further increases almost sure to come as we (and the government pension scheme) ages, with Age UK stating that “The state pension age [will rise] from 66 to 67 between 2026 and 2028”.

What’s the Triple Lock?

The ‘triple lock’, is system of checks and balances which increases the state pension each year by whichever is the highest – the rate of inflation, the increase in average earnings, or 2.5%. The idea was put in place to ensure that pension payouts were still in line with the cost of living as society and the economy evolves. Conservative plans may change this to a double lock – eliminating the factor of 2.5% from the equation.

What do the parties have to say?

In addition to safeguarding the rising state pension, we will continue to support the successful expansion of auto-enrolled pensions, enabling more people to increase their retirement income with help from their employers and government.

-Conservative Manifesto 2017

Labour will end rip-off hidden fees and charges [on pensions], and enable the development of large efficient pensions funds, which will mean more cash for scheme members and lower costs for employers.

– Labour Manifesto 2017

Life expectancy is increasing. This is good news, but it brings challenges; older people may need a pension income that will last for 20, 30 or even 40 years. We want Britain to be the best place in the world to save for, and enjoy, your retirement.

– Liberal Democrat Manifesto 2017

We would introduce a Citizen’s Pension, paid to all pensioners regardless of contribution record from 2016, so no pensioner will live in poverty. It will pay £180 per week to a single pensioner and £310 per week for a couple, taking all pensioners above the poverty line. Future increases will be at the higher of the price increases of basic goods and services or average earnings.

– Green Party Manifesto 2017

Here’s what your vote could cost/save you:

The following assumes you are a couple who are both 40 years old, and both earn the average income of £27,500 p/a (total £55,000). You have owned your own 2-bedroom home for 15 years, which is now worth the UK average house price of £208,711 for May 2017

Here’s how each party would affect that:

Conservatives: Your retirement may be delayed, if their plans to raise the state pension age to 67 are put in place. That said, if from today both you and your spouse paid 5% of your income into one of the mandatory workplace pensions put in by the Tories, which was matched by your employer at 5%, you would have an additional £137,500 waiting for you at retirement, even with zero growth – which may not have been there otherwise.

On top of that, their potential plans to change to the double lock in 2020, mean your potential pay outs could be less.

Labour: Would retain the “triple lock”. Pension protections would be strengthened for you if you are a woman, or live abroad. They also would aim to keep the Pension age at 66, rather than raising it further – meaning you could potentially collect it earlier in life.

Green: Would offer a universal income – which would go to all regardless of age or if they were in or out of work. This would boost you pension income by £9360 per year if you were single and £16,120 per year if you were a couple.

LibDems: Aim to maintain the ‘triple lock’. Also will “Establish a review to consider the case for, and practical implications of, introducing a single rate of tax relief for pensions, which would be designed to be simpler and fairer and would be set more generously than the current 20% basic rate relief”. This lessened tax burden would be reflected you potentially receiving a greater pension pay out.


People United

Be fully informed before you cast your vote in Election 2017

So who should you vote for?

Only you can make that decision. But you must make sure it’s the right thing for your future, today – and in the decades to come.

Few of us thought even a few months ago that we would be facing an election in the summer of 2017 that would redirect the fate of this nation. But political turmoil has reached a point of near normalcy in our lives. Last year brought political surprises, one after the other – of which the ramifications are only just beginning to bubble to the surface. Where the UK goes from here is up to you – so be sure to vote on 8 June, comfortable in the decision that you are doing what’s best for your future.

  • There’s Something All The Major Parties Agree On – The Importance of Having Power Over Your Energy Tariff

  • In several of the manifestos, you probably noticed there was a great deal of agreement on the unfairness of the energy market for consumers. We couldn’t agree more – in fact, that’s why we exist – to create more equality when it came to consumer fairness.Wasting money on bills makes it feel like your money just disappears into thin air, with too much of it being spent before you’ve even earned it – and this annoyance is tenfold when it happens for no good reason.The good news is that you have the power to take action without waiting on the government, regardless of which party winning. By joining our upcoming collective, you can unite with others to ensure you gain access to the very best tariffs out there – regardless of what happens on 8 June.  But hurry, the last day 19 June.(And if you aren’t happy with the offer, you could always do price comparison instead).

  • This Doesn’t End on 8 June

  • Check back with us on 9 June, when we will examine what the winning parties polices will mean for you – and how you can make sure they benefit your bottom line as much as possible.

     So, have you changed your mind? Or has your opinion been further cemented? Get in contact – we’d love to hear your thoughts!

    Still undecided? You can read the Manifestos for yourself here: 

  • | Conservatives  |  Labour | Green Party | Liberal Democrats |

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