The government set out its plans for future legislation in the King’s Speech today.
Commenting, Myron Jobson, Senior Personal Finance Analyst, interactive investor, says: “The King’s Speech was a blend of motherhood and apple pie with few notable titbits pertaining to personal finances.
“One of the more notable announcements is the confirmation of the long-awaited update on leasehold reform. The government pledged to make it easier for leaseholders to purchase their freehold and fight excessive service charges – which is likely to be music to the ears of owners of the estimated 4.86 million homes in the UK subject to leasehold arrangement.
“Households will eagerly await the Autumn Statement to see whether there will be further announcements that could help shore up their finances as inflation continues to ease and the nation enters a new normal of higher interest rates.”
Alice Guy, Head of Pensions and Savings, interactive investor, says: “With the clock ticking until the next election, the government has simply run out of time to address some of the long-term issues affecting pensioners and those saving for retirement. Big questions like who will pay for long-term care and the widening gap between the age most people are retiring and the state pension age, will need to wait for another day.
“Looking ahead, we may see some tinkering in the Autumn Statement, but it takes time for the government to get legislation through Parliament. This means governments tend to focus on the bare essentials in their last year of government.”
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