The new Parliament will be summoned to meet on 9 July, when the first business will be the election of the speaker and swearing-in of members.
The state opening of Parliament will take place on 17 July, followed by the King's Speech. This is when the new government will announce its legislative agenda.
Read on to find about Labour's key personal finance pledges, and the areas that still have question marks.
Tax
What we know
Labour has pledged not to increase income tax rates, National Insurance and the rate of VAT.
However, it wants to abolish non-domiciled tax status and replace it with a new scheme, and end the VAT exemption and business rates relief for private schools - meaning parents could face higher fees.
On inheritance tax, Labour has only said it will end the use of offshore trusts to avoid it.
Labour has also confirmed it will not make any changes to council tax bands or private residence relief on capital gains tax.
The party has ruled out an ‘emergency budget’, promising to give the Office for Budget Responsibility (OBR) 10 weeks’ notice of a fiscal event, so it can prepare a forecast. This means we are unlikely to know more until September at the earliest.
Find out more:What we don't know
Nothing was pledged to address the elephant in the room - frozen income tax thresholds - with Labour being accused of ‘bringing in tax hikes through the back door’.
Although freezing tax bands from 2021 to 2028 is a Conservative policy, Labour has not commitment to undoing it.
The OBR has estimated that by 2028-29 the freeze will result in almost four million more people paying income tax, with a further 2.7 million moved into the higher rate band and another 600,000 paying the additional rate.
And while Labour said it had no plans to raise capital gains tax, there was no written pledge in its manifesto, leading to some speculation that Labour could raise money through additional ‘wealth taxes’.
Find out morePensions
What we know
Labour has pledged to keep the triple lock for the state pension, which means it will rise annually by September’s Consumer Price Index, average earnings growth (as of July), or a guaranteed minimum of 2.5% - whichever is highest.
There wasn't any appetite to match the Conservative’s ‘triple-lock plus’ pledge, to increase state pensioners’ personal allowance in line with the state pension triple lock. This means next year it’s likely the state pension will overtake the personal allowance for the first time, and far more pensioners will be dragged into paying income tax on their retirement income.
After speculation that you’d no longer be able to take 25% of your pension as a tax-free lump sum at retirement, Labour has described this as ‘a permanent feature of the tax system’ that it is ‘ not planning to change’.
Labour also pledged to reform the system of workplace pensions with an emphasis on consolidation and scale to deliver better returns for savers and greater productive investment in the UK.
Find out more:What we don't know
Keir Starmer had vowed to bring it back, but Labour didn’t include any mention of it in its manifesto.
Find out more:Housing
What we know
Labour’s first-time buyer pledges include introducing a permanent mortgage guarantee scheme, and increasing the supply of affordable homes as part of a drive to build 1.5 million homes over the next Parliament.
It says it will work with councils to give first-time buyers first pick on homes and stop whole developments being sold off-plan to overseas investors.
Labour says it will ban new flats being sold as leasehold and bring forward proposals around right to manage and commonhold. It has also pledged to tackle unaffordable ground rent charges and review how to better protect leaseholders from building safety costs.
Labour has also committed to abolishing Section 21 no-fault evictions and introduce minimum energy efficiency standards in the private rented sector by 2030. It says it will ‘introduce measures to stop renters being exploited and discriminated against’ and give them the power to challenge unreasonable rent increases.
Find out moreWhat we don't know
Labour says its mortgage guarantee scheme will be ‘comprehensive’, but there are no specific details yet on how it would work. We also don’t know what additional measures it would take to improve affordability and access to finance at a time of high borrowing costs.
Labour didn't say whether it plans to extend the current stamp duty exemption of £425,000 for first-time buyers in its manifesto, which is due to end on 31 March next year. However, last week (28 June), following a BBC Radio 5 Live interview with Keir Starmer, a party spokesman said it would allow the threshold to fall back to £300,000 after it expires.
The previous government’s Renters Reform Bill failed to make it through parliament before it was dissolved. Labour’s proposals echo some of the Bill’s key areas, including challenging rent increases, but we await further detail on whether it will also commit to other measures, including abolishing fixed-term tenancies and introducing a registration scheme for landlords.
Most notably, it’ll be interesting to see how the new government deals with abolishing no-fault evictions. The previous government also committed to doing this, but delayed the plans due to the need to make reforms to the legal system.
Find out more:Fraud and banking
What we know
Labour pledged to introduce an expanded fraud strategy to tackle online, public sector and serious fraud, and it wants to make tech companies liable to reimburse victims of online fraud.
It also pledged to support the creation of banking hubs to give customers access to banking services on the high street.
What about pay, childcare and household bills?
The new government promised to 'tackle the soaring cost of insurance' and work with the regulator to reduce the burden of standing charges on energy bills.
It also said it would change how minimum wage is calculated by removing age bands, and introduce 'day one' rights to parental leave, sick pay, and protection from unfair dismissal.
The Labour manifesto lacked any big commitments on childcare, but the new government may not need to prioritise this too much, given the childcare expansion scheme has been rolling out this year, with parents of nine-month-olds set to benefit from 15 free hours per week from September.
Find out more:source https://www.which.co.uk/news/article/what-the-new-labour-government-means-for-your-money-aLzFv9i7500D