Election Year and some Financial Implications

This year, we will be tempted with all sorts of assurances as the political parties vie for your votes. Some of the tempting promises might even be delivered. Others will be ‘kicked down the road’ in the hope that better times will make them affordable.

The reality is that while inflation falls, it only means that the higher prices are still there and being increased at a slower rate. While inflation remains above 2%, the Bank of England will only tinker with interest rates, so mortgages, credit cards and loans will remain stubbornly high.

Then there is the potential cost of sorting out the Post Office (Horizon), DWP state pension compensation, paying the price of COVID-19 and propping up worn-out infrastructure, the increasing cost of adult care and local authorities running out of money. 

So what do we do? Many voters will do what they (and their parents) have always done: grumble and put up with the consequences. Others will research the options and the best outcomes for themselves and their communities. My view is that our community is more expansive than ever before. It is not just the people living on the same street, village or town – it is much wider than the county or country borders. We must think about the world we are leaving to future generations.

Challenge anyone canvassing for your vote and ask what they will do.