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News Update: What the Election Results Mean for You

The results from the latest election are in. What might they mean for you, business and the economy?

This does not constitute advice and advice should be sought in all instances before acting on it.

A number of local, mayoral, and police and crime commissioner elections took place in England on 6th May. Additional elections also took place in Wales and Scotland. Some of these had been delayed from 2020.

Local election results are seen as a pulse check of the nation – a chance to find out how popular the current government is and they can be used to change or push through new policies and initiatives.

What do the results show?

One key takeaway from these elections is that the pandemic is still at the forefront of the public’s mind and has dictated the way they voted – and rightly so.

The results indicate that the voters are generally satisfied with, or at least understanding of how the PM has handled the pandemic. As the outcome indicates – i.e. Conservative gains in England, including some of Labour heartlands – Johnson’s support might be hovering at, and possibly exceeding the levels of the 2019 election.

While there is criticism surrounding lockdown restrictions and the initial handling of the coronavirus outbreak, the vaccine rollout has put government leaders back into the people’s good graces.

Labour has lost power in some of their traditional strongholds, which means the internal party battle might escalate, leaving space for Johnson’s higher government spending, patriotic rhetoric, and cultural conservatism to take hold.

What might the results mean for the economy?

Even though there has been continued government support throughout the coronavirus outbreak, there is still concern over recovery efforts. People are still worried about the economy and public services, healthcare in particular is at the forefront of their worry.

Recovery is still in a precarious place as the country hasn’t resumed pre-pandemic operating procedures. The UK economy shrank by 1.5% from January to March 2021, but has picked up since lockdown has eased. However, it remains 8.7% smaller than pre-pandemic. Unemployment continues to increase and many have a reduced workload or are on furlough.

The country will expect the government to deliver on public services and jobs, which has always been Boris Johnson’s priorities so we can expect some positive moves to support growth and getting people back into work.

Keep up to date on the UK economy

The direction the government will take in the wake of the results remains crucial to the recovery efforts that remain the top priority for the UK public. Check back for more updates about the state of the economy, the housing market, and financial planning.

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