Although I earn my daily crust writing for the Right-leaning The Mail on Sunday, I describe myself at dinner parties as ‘politically confused’.
I was born into a working class Birmingham family, married a working class lass from Huddersfield and only joined the middle classes when I moved to London to seek fame and fortune and start a family.
Sadly, flat vowels still plague my speech, betraying my upbringing.
As a result, over the years I have voted Conservative, Labour and even Liberal Democrat at both local and national elections. Yes, I know what you’re thinking - I’m a proverbial swinger. Think what you like.
Ukip, so far, has passed me by but I suppose there is always a first for everything in life.
Despite this political party indecision – or maybe because of it – I am intrigued by politicians. And when conference season comes around I will find any excuse – even agreeing to talk about pensions – to get myself accreditation so I can rub shoulders with our political best.
This year was not as successful as usual, primarily because I was in France (drinking Macon Lugny) when Labour had their shindig in Manchester.
I could have gone to the Liberal Democrats’ conference in Glasgow to chair a debate on payday lending, but decided it was too far north of the border and too disruptive to a high-powered journalist’s working week.
The result is that the only conference I did manage to attend was that of the Conservatives which was held in the city of my birth and – even without HS2 – easily accessible.
It was a chance to marvel at the modern Bullring, run along the Birmingham canal, meet old friends, listen to political rhetoric and dine at Kushbar (exquisite Punjabi food) located on a throbbing Broad Street.
At the end of it all, I visited my elderly mother and father who now live in a lovely part of Sutton Coldfield (working class parents done well) a short train journey from the City centre.
Of course, I had to work for my political supper in Birmingham. I chaired a couple of fringe sessions on payday lending and the diversity in financial services both of which were organised by think-tank ResPublica.
They were informative debates and I was particularly impressed by Guy Opperman MP and his enthusiasm for a network of regional banks that specialises in looking after local people and businesses (very Handlesbanken like).
I also spoke at a couple of ridiculously early breakfast meetings hosted by the Social Market Foundation on the subject of pensions.
All very interesting especially in light of the impending rule changes although I do think medals should be awarded to those who are prepared to speak at – or even attend – sessions at eight o’clock in the morning. Hats off particularly then to MPs Mark Garnier and David Gauke for contributing their two pensions pennyworth at these events.
And what I did find fascinating was how well attended these pension sessions were. Certainly, the intended reforms seem to have galvanised people’s interest in pensions.
With the conference season now at an end, a general election on the horizon, the thinking of the three parties in relation to personal finance is becoming a little clearer.
Labour seems keen to reintroduce both the 10p and 50p rates of income tax, impose a mansion tax on properties worth more than £2m and restrict pension contribution relief for high earners (those on £150,000 and more) .
The Liberal Democrats want to reduce the annual capital gains tax allowance from £11,900 to nearer £2,500, hike the top rate of CGT to 35 per cent and attack pensions by reducing the lifetime allowance even further – from £1.25m to £1m. Personal tax allowances would rise to £11,000 by April 2016 and a mansion tax would be imposed on high-value properties.
Last but not least, the Conservatives would look to increase the personal tax allowance to £12,500 while increasing the threshold at which people pay 40 per cent tax to £50,000.
As yet, we do not know whether they would push up the nil-rate threshold for inheritance tax or reduce the burden of stamp duty.
Wearing my personal finance hat only, and based on the commitments made to date by the three main parties, I would think that most independent financial advisers are hoping that a Conservative Government is returned next May.
Why do I think that? Well, it is the Conservatives that seem keenest on ensuring the chancellor’s pension reforms announced in this year’s Budget become reality.
And it is the Conservatives that are the strongest backers of a society where people are encouraged to save through tax relief (pensions) or tax freedom (Isas).
But most importantly, it is the only party that appears to believe in the notion that while taxation is a necessary evil it should be scaled back at every opportunity.
Lower taxes will ensure that small businesses are empowered to provide employment and thrive and that households will find themselves able and willing to both spend and save.
And that, my fellow financial advisers, is my assessment of the political personal finance landscape.
Jeff Prestridge is personal finance editor of the Mail on Sunday
