Raising the personal allowance most popular election pledge among Moneywise users

8 June 2017
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Four in ten (42%) Moneywise.co.uk users say an increase in the personal allowance is the party manifesto pledge that will have the greatest positive effect on their finances.

The pledge, which has been made by the Conservatives, will see the tax-free personal allowance on earnings rise from £11,500 at present to £12,500 by 2020.

These findings are the result of a recent poll, in which we asked Moneywise readers to select the party manifesto pledge they believe will have the greatest positive effect on their finances from a selection of pledges made by the three major political parties.  

Ending the public sector pay gap – a Liberal Democrat policy - was also a popular pledge with 9% of Moneywise users selecting this. This proposal would end the 1% cap on pay rises in the public sector and uprate wages in line with inflation.

We followed this poll by a second poll asking Moneywise readers to select the party manifesto pledge they believe will have the greatest negative effect on their finances – again this was from a selection of Conservative, Labour, and Liberal Democrat policies.  

Here, more than four in ten readers (44%) chose 'means-testing for social care taking into account the value of homes' as the most negative pledge.  

This proposal, which was made by the Conservatives, has been widely criticised because it means people with more equity in their homes will have to pay more towards the cost of care. However, less than a week after the manifesto was published, Tory leader Theresa May confirmed that the Conservatives would consult on a social care cap. This so-called 'dementia tax U-turn' would mean that there would be a cap on the maximum amount individuals would need to pay for their care.

Conversely, means-testing for social care to include property value was the second most popular choice for the pledge that will have the greatest positive impact – with one in 10 (10%) Moneywise users selecting this.

Increasing the personal allowance by £1,000 was also the second least popular pledge with one in 10 (11%) saying this would have the most negative impact on their finances. 

See the full poll results below.

The election pledge that will have the most positive impact on your finances

  • Increase of personal income allowance by £1,000 – 42%
  • Means-testing for social care taking into account value of homes – 10%
  • End the public sector pay cap – 9%
  • Energy price cap – 7%
  • Introduction of a single rate of tax relief on pensions – 7%
  • Abolition of tuition fees – 6%
  • More affordable housing stock built – 6%
  • Nationalisation of the railways – 4%
  • Help to improve energy efficiency of homes – 3%
  • Increase of living wage to 60% of median earnings - 3%
  • Nationalisation of the energy market – 3%

The election pledge that will have the most negative impact on your finances

  • Means-testing for social care taking into account value of homes – 45%
  • Increase of personal income allowance by £1,000 – 11%
  • Introduction of a single rate of tax relief on pensions - 8%
  • Nationalisation of the energy market – 8%
  • Nationalisation of the railways – 8%
  • Abolition of tuition fees – 6%
  • Increase of living wage to 60% of median earnings – 5%
  • End the public sector pay cap – 4%
  • More affordable housing stock built – 4%
  • Energy price cap – 2%
  • Help to improve energy efficiency of homes – 1%

 

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