A radical shakeup of the UK’s entire political and economic systems could be on the cards, if you believe the ambitions of the man on course to become the next Prime Minister of the United Kingdom.
Andy Burnham, the latest Labour MP, has designs on the premiership and is set to become the new Labour leader and, by extension, the next PM, traking over after the resignation of Sir Keir Starmer.
Tax experts are calling on UK households to make three checks ahead of the change of gaffer in a bid to be as prepared as possible.
In his campaign speech on Monday, Mr Burnham, the new MP for Makerfield, called for more power to be moved to the north of England instead of being centralised in London.
Mr Burnham promised the new leadership would oversee the “biggest council house building programme since the post war period” and allow housing regions to take “greater public control of essential services” including water, energy and transport.
The proposals would bring about the “biggest rebalancing of power our country has seen”, Mr Burnham said as he promised to overcome Whitehall’s resistance to change.
“Let me say this very directly: the days of Whitehall fighting the devolution of power into the regions and nations are over for good.”
In an attempt to reassure the markets that he would not hike borrowing and taxes to pay for his plans, Mr Burnham promised his measures would be based on “the stability that comes from sound public finances” and “the discipline of our current fiscal rules”.
Rebecca Williams, Financial Planning Divisional Lead, said: “There’s no need to make immediate changes based on potential policy shifts alone. However, it’s sensible to review your plans so you’re well positioned if reforms are introduced in the future.
1. Sense-check your tax efficiency
Check you’re making full use of available allowances where appropriate
Consider how potential changes to income tax or capital gains tax could affect you
2. Review your property and estate strategy
Revisit how property is owned, particularly higher-value or second homes
Check your estate planning still reflects how you want to pass on wealth
3. Speak to your adviser before making changes
Avoid making decisions based on speculation alone
Focus on long-term planning rather than trying to time policy changes