Guest post: young voters in the UK general election

With the UK’s general election quickly approaching, political divisions are deepening across the nation and the UK’s financial future is largely uncertain. Labour party leader Kier Starmer has been gaining traction, particularly among the younger generations, with ambitious promises and policies. While some critics dismiss these ideas as overly unrealistic or practically unattainable, they have undeniably bolstered his popularity ahead of the election. But what would this mean for high-income earners and high-net-worth individuals?

Starmer has consistently shared his vision for the UK’s future, emphasising what he believes is essential to ‘restore pride and purpose in our country’. Labour’s proposals and policies are clearly designed to resonate with today’s ‘modern-day’ workforce. Leveraging the UK’s ongoing challenges, such as the cost-of-living crisis and the strain on the healthcare system, Starmer has effectively positioned himself to win the support of the younger generations with the message and strategy aimed squarely at addressing their concerns.

Many individuals, eager for a more equitable society, support policies they believe will redistribute wealth, even if it means tearing the hard-earned money from those with more wealth and financial freedom. To justify what could be considered ‘socially acceptable theft’, Labour has stated ‘the British economy has been growing at the slowest rate for two decades under the Tories… the result is the biggest fall in living standards in a generation’.

Despite the initial appeal of a minimal tax burden for UK residents, Starmer’s ambitious promises, such as building 1.5 million homes and reducing NHS waiting times, seem difficult to bring to life with the reality of available funding. When such funding inevitably falls short, it is likely that Starmer will turn to the very corporations that currently fuel the UK’s economy, from the large mainstream corporations to the smaller local businesses. Given that small to medium enterprises (SMEs) contribute around 90% of the UK’s corporate taxes per annum, the inevitable increased financial burden will eventually drive these companies out of the UK to seek tax havens offshore.

Reflecting on Labour’s policies, it is clear that they are not necessarily the enemy. The Conservatives own track record of trustworthiness is deeply problematic, making it difficult for many to fully believe in the leadership of current Prime Minister and Conservative leader, Rishi Sunak. Over the years the Conservatives have demonstrated a pattern of unreliability, especially during significant political events – remember the era of Boris Johnson? His tenure ended in controversy, marked by internal betrayal that revealed the party’s true nature to the public. Following Johnson’s departure, Liz Truss briefly stepped in, and though her stint as Prime Minister was notably short to say the least that did not stop her bring the UK to the brink of a recession. During her short-lived leadership, at least she was elected by her party unlike Sunak, who assumed the role more by default than choice, essentially the ‘last man standing’. This tumultuous history puts the Conservatives on shaky footing, almost comparable to the Labour party in terms of perceived political competence.

Given the current political landscape, it is evident that the two parties with a realistic shot at winning the election, and not those just in the peripheral vision of voters, lack both trustworthiness and genuine compassion for the constituents. This leaves voters in a difficult position, so instead of depending on any government, whether it aligns with our preferences or not, we should place our trust in ourselves. By taking control of our own destinies, we can pursue a path that better secures our financial well-being and future stability. Relying on our own initiative and decisions becomes the most reliable way to ensure our prosperity and security.

For high-net-worth individuals, SMEs and larger corporations aiming to thrive despite these challenges, Through Turner Little, solutions are offered to support expanding operations, reduced tax liabilities and navigating away from restrictive regulations. Embracing corporate freedom and minimising governmental constraints are essential strategies to safeguard both business growth and personal wealth in an increasingly uncertain economic landscape.