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Baner Club > Blog > Business > How will benefits change under Labour, and what will happen to tax and interest rates?
BusinessPolitics

How will benefits change under Labour, and what will happen to tax and interest rates?

Business host Ian King has responded to 21 queries about what a Labour government will mean for your personal finances from readers of the News Money blog.

Last updated: 2024/07/09 at 11:14 AM
Published July 9, 2024
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It is anticipated that Personal Independence Payments, or PIP, the main disability benefit in the UK, may alter.

Though few details are available at this time, Labour has pledged to completely restructure the welfare system, including PIP and Universal Credit. However, the main goals of Labour’s strategy will be to increase the number of individuals of working age who enter the workforce and decrease economic inactivity.

Regarding this, the party’s manifesto stated: “Labor will collaborate with local communities to develop strategies to assist the employment of a greater number of disabled and medically ill individuals. We’ll distribute funds so that regional centers can do it.

In order to empower disabled people to begin working without fear of an instant benefit reassessment if it doesn’t work out, we will address the backlog of access to work claims. We think that a robust plan to support disabled persons in finding employment is necessary, in addition to reforming or replacing the work capacity exam, which is clearly ineffective.

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