Money Matters: What the new Prime Minister could mean for your finances

With Andy Burnham now Prime Minister, it’s understandable if you’re wondering what that could mean for your household finances.

Whenever there’s a change in Government – and let’s face it, there’s been plenty in recent years, speculation quickly follows around taxes, benefits, energy bills and the cost of living.

The good news? Very little changes overnight.

Dan Bebbington, our debt and energy manager, explains in this week’s Money Matters column.

While new policies will be announced over the coming weeks and months, your wages, pensions, benefits and bills won’t suddenly change because there’s a new Prime Minister. Any major changes usually take time, with many needing to be announced in a Budget before coming into effect.

One proposal that’s been announced this week, that could make some difference, is the government’s plan to remove VAT from domestic electricity bills for six months from October. If it goes ahead as planned, a typical household could save around £45 over that period.

The Prime Minister has also made affordable public transport a key priority. This week he also announced that the bus fare cap in England will revert to £2 from January on participating services, replacing the current £3 cap.

For those who rely on buses to get to work, healthcare appointments, schools and colleges or the shops, this change could make a noticeable difference to monthly travel costs.

There has also been some discussion around reviewing tax thresholds, although no immediate changes have been confirmed. Much will depend on the government’s Budget and how it balances spending with the wider economy.

Our advice is to avoid making any financial decisions based on speculation or social media rumours. Instead, focus on the things you can control, such as:

· Reviewing your household budget regularly.
· Making sure you’re claiming every benefit you’re entitled to.
· Building up a small emergency fund, if you can.
· And if you’re struggling with your bills or debt, seeking free advice as early as possible rather than waiting.

Political leaders may change but good money management habits remain the same. If you’re anxious about your finances, don’t struggle alone.

If you’re a Housing Plus Group customer, our Money Matters team are here to provide free, confidential support and help you find practical solutions, whatever changes lie ahead.

23rd July 2026