Election analysis: Private client

Speed Read: The three main political parties' manifestos have highlighted different approaches to raising tax revenue in the event that they are to be the next Government. In particular, Labour is favouring increasing national insurance which will impact on anyone earning in excess of £20,000. The Liberal Democrats however are directing their tax rises squarely at high earners. Interestingly, the Conservative Manifesto is silent on any tax rises which might be needed to fund the budget deficit and also to pay for their tax giveaways. All three manifestos leave the door open for further tax increases, and this is to be expected given the size of the budget deficit which will need to be tackled by the next Government.