Andy McDonald

Andy McDonald

Labour — Middlesbrough and Thornaby East

Speaking in the House of Commons on 26 March 2025

Debate

Spring Statement

Contribution

I thank the Chancellor for her statement. She is absolutely right to highlight the stimulus that the Employment Rights Bill will bring to our economy, but I respectfully say that the impact of the cuts to welfare payments will be reduced incomes for some of my poorest constituents. That contrasts with the easy ride that the very wealthy get from lower margins of tax on their assets and gains than my constituents face through income tax. The world indeed has changed since the Chancellor set her fiscal rules, so will she consider putting capital gains tax on an equal footing with income tax or implementing a wealth tax of 2% on assets worth over £10 million in order to improve the country’s finances?

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