The article examines how a potential Andy Burnham government could affect people’s personal finances, focusing on taxes, pensions, energy costs, transport, and housing-related policies.Burnham has indicated that he will review the frozen income tax thresholds, which have remained unchanged since 2021.

Because wages have increased while thresholds have stayed fixed, more people have moved into paying income tax or higher tax rates through a process known as fiscal drag.

A rise in the personal allowance could reduce this pressure, although Burnham has not made a firm commitment and has warned about the financial impact on government revenues.The article also discusses pensions.

Burnham has supported maintaining the state pension triple lock, which increases pensions each year based on the highest of inflation, wage growth, or 2.5%.However, some advisers have argued that reforming the policy could save significant amounts of public money.Other possible changes include adjustments to capital gains tax, property taxation reforms, and support measures aimed at reducing household costs.

Proposed measures include a temporary reduction in VAT on electricity bills, a £2 cap on bus fares, and potential changes to council tax and stamp duty through alternative property tax systems.The article emphasizes that many of these ideas remain proposals or areas under review rather than confirmed policies.Any major changes would depend on future government budgets and legislative decisions.