The British electorate went to the polls yesterday hoping to elect a new set of MPs to govern the United Kingdon. As of this morning, we seem to be heading for a Hung Parliament.
A hung parliament is one in which no party has an overall majority, which means no party has more than half of MPs in the House of Commons. It means that whichever party ends up in power will not be able to win votes to pass laws without the support of members of other parties.
With a hung parliament, it will now take a bit longer to reach conclusions of most bills, more money will be wasted in petty squabblings and more tax will be required from the populace. Internationally, the reation is showing in the slow slide of the pound (£).
So what will a hung parliament mean to you as an individual?
Apart from the obvious scenerio given above, your future and that of your family’s is not (and should not be placed) in the hands of any politician or political party.
How your future turns out to be depends on what you do with the present. It will be because you took control of your life and not whether you pay more or less tax. It will be because you decided to create multiple streams of income, treat customers you have right and got rich in the process.
When the banks messed things up in the last recession, individuals and families were left to sort things out for themselves. Some lost jobs, other lost houses but MPs were living large.
If you think the coming government will solve your financial problems think again because whoever rules is going to have to deal quickly with our runaway public-spending which may mean cut in services and increase in taxes. It is your duty to do all you can to become debt-free so that if things go ‘pear-shaped’ again, you can navigate your way out of the chaos. Also you need to acquire some assets which will feed you without worrying about what happens to the pension-pot.
The question now is “Are you going to carry on as you are or are you going to get up and create the life you want – no matter who is in power?”
The ball is now in your courts – play it the way you want. As usual, your comments are welcome.
Niyi Adeoshun
Money Management Coach
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