Past findings on the connection between class position and political preferences are overwhelmingly derived from cross-sectional studies, which provided a limited basis for inferring causality. This study uses long-term panel data on thousands of British respondents to measure the impact of intra-generational class mobility across a range of political identities and preferences. Upward class mobility leads to small increases in economic conservatism, but party choice, class identity and attitudes to non-economic issues do not change. This updating of economic values is much smaller than cross-sectional differences between classes. These results are consistent with the short-run effects of class mobility operating primarily through a limited economic self-interest mechanism. Beliefs that are plausibly unconnected to economics are unaffected. The overall association between class and a range of identities, opinions and preferences is therefore more likely to be caused by early life experiences and longer-term socialization than by the immediate material interests associated with jobs.