“As it appears that younger voters seem to have achieved a swing in favour of Corbyn, this might lead to a change in policies for all parties who might want to court this new potential political power and we may see a change in what were perceived as intergenerational transfer from the young to the old,” Gallacher said.
Mark Hassall, director of UK-based IFA firm Moneyology, said it will be harder for the Tories to push ahead with the tax plans postponed in the Finance Bill.
“With regard to taxes, many of the pages of the Conservative tax plans got left out, some will come back but it will be harder to make it happen. They need to stop giving conflicting message like telling people to save for pensions while trying to limit pension savings. Hitting the small business is clearly daft,” he told IA.
Calls for clarity
George Bull, senior tax partner at audit and tax consultancy firm RSM, called the new goverment to clarify its position on taxation.
“For the sake of all taxpayers, it’s important that the party or parties forming the next government should quickly get a grip on taxes. Political uncertainty, including Brexit, does not prevent government from providing reasonable certainty on the direction of travel for taxes. There are three pressing challenges.
“After the announcement of the general election, much of the content of this year’s Finance Bill was dropped. We expect to see a new post-election Finance Bill with the same intended effect and timing as the dropped clauses. However, it would be dangerous to assume that the new Bill will be exactly the same as the dropped clauses,” he said.
