On 22 June 2026, Keir Starmer announced his resignation as Labour leader, with his successor Andy Burnham taking up his post on 20 July.
This could feel like “another day, another prime minister”. And that wouldn’t really be an unreasonable take. Andy Burnham is the sixth UK prime minister since David Cameron resigned in 2016, with newly appointed John Healey the eighth chancellor of the Exchequer since George Osborne left his post in the same year.
Any change of leadership can bring uncertainty, and even more so when change has become almost the norm. Fiscal policy decisions made by central government can affect personal finances, and the speed of change we’ve seen in recent years means policies can be announced, implemented, or withdrawn so quickly it’s hard to keep up.
While we don’t yet know exactly what all of the decisions will be from the new prime minister and chancellor, we can help you to take a more circumspect, long-term view of any changes.
A strong financial strategy is designed to weather the storm of change
Although it may seem the UK has had excessive change in leadership over recent time, the reality is that economic change in itself is nothing new. This could be a via a new government, incoming legislation, or from the effects of a recession, for example. And a good financial plan is designed to withstand the short-term effects of any resulting volatility arising from these circumstances.
Every new government will have its own approach to managing the UK’s finances. This could mean a shift in fiscal policy, which could affect:
- Tax
- Pensions
- Public spending
- Saving and investment incentives
- Business support
It’s still early days for Andy Burnham and John Healey, and we’ll know more about their proposed fiscal policies at the Budget on 28 October. While you could be tempted to alter your financial plan in anticipation, it could be more beneficial to stick to your long-term strategy.
Cut through the media noise and stick with your plan
Speculation can lead to inaccurate information flying around, and before you know it, you’re making knee-jerk decisions driven by nothing but panic.
It’s also worth remembering that even when changes are announced, there is usually some lead-in time before they’re actually implemented. This means that, together, we can fully assess your financial plan and see if there are any potential implications, taking informed action rather than making a snap decision.
The media has a field day when there’s any political upheaval, and a change of both prime minister and chancellor has sent it into something of a frenzy.
Headlines fuelling rumours and feeding speculation are rife and can quickly become overwhelming.
Even if the new government does bring in changes to fiscal policy, we can help you to see past any media speculation to understand the facts behind the proposed legislative change. A headline can scream “Tax raids to impact millions of people”, while the much calmer reality could be that your personal finances are unaffected or your strategy is easily tweaked to mitigate any negative effects.
Rather than worrying about what’s beyond your control, focus on what you do have agency over.
This means:
- Regularly reviewing your retirement plans
- Making sure your estate plan reflects your wishes
- Maintaining a well-balanced, diversified portfolio
- Being consistent with your savings and investments.
This is much more likely to benefit you in the long term than trying to anticipate political announcements.
Cashflow planning can help us explore a range of scenarios with you
If there’s anything you’re particularly worried about before it’s formally announced, we can still offer you reassurance. Cashflow planning software allows us to look at your personal financial circumstances and stress test them using different scenarios.
For example, if new legislation means you have less income to add to your savings and investments, we can look closely and accurately at what your future finances could look like.
If it does look likely that new legislation will prevent you from meeting your goals, there’s still no reason to panic. We can identify ways to modify your strategy to keep you on course, for example by:
- Adjusting your investment portfolio to try to generate better growth
- Finding ways to improve your tax efficiency
- Reviewing your budget and identifying potential cost savings
- Looking at whether shifting your planned retirement age could help.
It’s often unlikely that your long-term position will have changed substantially, and we can help to keep you on track to meet your goals.
Get in touch
When there’s more change at the top, it’s understandable to feel unsettled or nervous. If there’s anything you’d like to discuss, please email us at info@servoprivatewealth.com or call 01444 715200, and we’ll always be happy to help.
Please note
This article is for general information only and does not constitute advice. The information is aimed at individuals only.
All information is correct at the time of writing and is subject to change in the future.
The Financial Conduct Authority does not regulate cashflow planning or tax planning.
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Approved by Best Practice IFA Group Limited on 13/08/2026.