Potential financial effects: pre-election proposals

Finances will be a pivotal point for party constituents and will create challenges for candidates.

09:39 02 May 2013

Ed Miliband and David Cameron are gearing up for their pre-election campaigns and political platforms. Finances are on everyone’s mind with the recent declaration by the Archbishop that the UK is suffering from an economic depression which will take time to sort out, as well as some big changes.

 

Benefits and taxes are sure to be on everyone’s minds, but other issues such as loans the UK has extended have garnered much reaction among the public.

 

It seems the topic of those loans will be largely avoided as the UK tries to cope with the extra financial burden. Depending up what each of these two candidates supports, citizens may find themselves in financial difficulties regardless of who is leading.

 

• Benefits—it is clear that in order to retain the ability to offer benefits to those who are in need, that there needs to be some sort of reform to allow that to happen. Currently cuts and caps in benefits may lead to financial gaps, and people may increasingly turn to short term and payday loans to compensate.

 

• Medical expenses—this will draw some attention as well since there are sometimes many hours of waiting for medical attention when there is a health emergency. A creative solution to the issue has been supplied, but it may also help to offer scholarships or special reduced-interest loans to students who wish to pursue this field since there is high demand.

 

• Council tax—Mr. Cameron points out that in the recent past they have not raised council taxes at all, and Mr. Miliband may continue that trend, but it is unclear whether or not he has pledged to do so. Increasing council tax could further widen the gap left behind after the benefits caps which again means people may be turning to short term and payday loans for help.