3 Income tax simplified
At the start of the leadership contest, Mr Johnson promised to raise the 40 per cent income tax threshold from £50,000 to £80,000 which would benefit the top 10 per cent of earners to the tune of almost £2,500 a year.
Mr Johnson also hinted National Insurance thresholds could be raised to help pay for the measure and at the same time, signalled his intention to increase the point at which NI payments kick-in to boost lower earners.
According to Mr Bamford, it was likely Mr Johnson would push through with such “feel good measures” and that his new chancellor was likely to be more proactive than Philip Hammond.
Mr Selby agreed, putting the likelihood of the new prime minister following through on this at seven out of 10.
David Hearne, director at Wealth Management Adviser, also welcomed such plans. He thought equalising income tax and national insurance bands while tackling the pensions freedom problems would simplify the system.
He added: “As financial planners, our time with clients is much better spent planning for their changing lives, than dancing though a complex web of taxes and allowances.”
4 A stamp duty shake up
Another part of Mr Johnson’s economic plan could include “putting rocket boosters under the property market” by reforming stamp duty, according to AJ Bell’s Mr Selby.
One idea floated was to scrap the transaction tax on homes worth less than £500,000 while others said the new top dog in parliament would back switching the tax liability from the buyer to the seller.
Shaun Church, director of Private Finance, said: “For too long stamp duty has stagnated the UK housing market. Last-time buyers in particular remain stuck in homes too large for their needs that are too costly to give up.
“We’re calling for a last-time buyer exemption to be included as part of Johnson’s stamp duty overhaul, encouraging empty nesters to downsize to homes more suited for their future needs, freeing up crucial housing stock for the wider property ladder.”
Mr Selby thought there was an eight out of 10 chance of Mr Johnson reforming stamp duty.
5 Brexit delivered
The UK’s ability to leave the EU with a deal was also high on advisers’ agenda.
Philip Smeaton, chief investment officer at Sanlam UK, said all eyes were on Brexit and how Mr Johnson would attempt to navigate an unwavering EU and parliament without triggering an early election.
But he added although the next couple of months would be highly charged and divisive, for the markets it was likely to be “business as usual”.
Martin Stewart, director at London Money, said he wanted to see a solution to the “elephant in the room” of Brexit, which was causing a drag on investment, housing and consumer confidence.