Andrew Griffith

My right hon. Friend is right. I do not think that any fair-minded person in the United Kingdom today would say, “The problem is that we have too many successful companies. Too many companies are setting up, being founded and listing on our stock exchanges; our economy is growing somehow too fast; we have not got enough young people to fill the jobs available; and the economy does not have enough debt.” Therefore, were there a measure that would allow productive capital to flow down the generations to allow enterprises across communities in all our countries to help our economy grow, we might think the Government would clutch on to it like a sinking man clings to a life raft. Perhaps we will get that damascene conversion from the Minister today—perhaps we will hear it in two weeks’ time—but I rather fear not. That is why so many other countries in our situation—those many economies that are growing faster than ours—do not impose multi-generational taxes on businesses. It would be interesting to hear from the Minister why it is that he and his Government single out family businesses—not those owned by private equity, those owned by international domiciled corporations, or even listed companies—for this iniquitous measure. I would love to hear that, as we all would on the Conservative Benches.