Election roundup

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This month’s snap general election led to a ‘disastrous’ set of results for Prime Minister Theresa and the Conservative Party.

The election, held on June 8, resulted in a hung parliament after the Conservatives failed to gain the number of seats needed for a majority government.

At the time of writing (Wednesday, June 21) May who is currently ‘in office’ but not ‘in power’ is still in talks with the Democratic Unionist Party pursuing a deal to stay in Downing Street.

After losing a number of seats May’s Treasury team has been reselected.

Phillip Hammond has been reappointed as Chancellor of the Exchequer and Mel Stride as the new Financial Secretary (responsible for the country’s tax system).

Liz Truss has been appointed as Chief Secretary to the Treasury, and Stephen Barclay as the new Economic Secretary to the Treasury.

In the world of accounting there is still uncertainty on when HMRC’s Making Tax Digital plans will be put into action.

The government dropped Making Tax Digital from the Finance Bill 2017 to allow ‘more complex’ issues to be debated on after the election.

Unveiled by the then Chancellor George Osbourne in November 2015, Making Tax Digital is a £1.3bn investment programme that will mark a fundamental change in the way that businesses interact with HMRC.

Individual taxpayers and businesses will be able to register, file, pay and update their information at any time, all online.

The Government’s legislative agenda was delivered today (Wednesday, June 21) by the Queen at the state opening of Parliament.

The speech included the following promises:

  • To improve public finances, while keeping taxes low.
  • Increasing the National Minimum Wage.
  • Tackle the gender pay gap and discrimination against people on the basis of their race, faith, gender, disability or sexual orientation.
  •  Secure the best possible deal as the country leaves the European Union.
  • Attract investment in infrastructure to support economic growth.
  • Strengthen the economy so that it supports the creation of jobs and generates the tax revenues needed to invest in the National Health Service, schools, and other public services.

With votes on the Queens speech set to continue in Parliament until tomorrow; legal challenges over the Good Friday Agreement; Brexit negotiations; and a number of potential successors waiting eagerly in the wings for May’s job; the next few days look set to be somewhat… interesting.