Andrew Lewin

We live in challenging times, with heightened security threats, inflation and cost of living pressures driven by Trump’s war in the middle east. Our NHS is still recovering from the pandemic and from Liz Truss, yet the priority set out by the Conservatives in today’s motion is cutting public spending to give more money away to people inheriting sums of money greater than £1 million. That is sad and predictable, but it is not surprising. As it stands, the Conservatives know that they are not serious contenders for government, so they have reached back into a comfort zone. They hope that by sending a message to some of the wealthiest people in our society, they might hang on to a few more votes, but I am afraid that people across the income spectrum in my constituency and across the country will see right through this policy. My constituents know that we can ill afford a tax giveaway to people who are already fortunate enough to inherit £1 million tax free. The facts matter. Under the current system, only around one in 20 people pay inheritance tax on their estates at all, so the winners from the Conservatives’ proposition will be about 5% of the population, while the rest of us are left to pick up the bill. An independent analysis has found that the proposal could cost the Exchequer upwards of £10 billion a year, as my right hon. Friend the Minister said. The political choice matters too. I believe in maximising opportunities for people from all backgrounds. The question we should be debating in this House today is not how we make things easier for those who rely on inherited wealth, but how we make things easier for those who do not have access to inherited wealth. Last year, the bank of mum and dad provided more than £9 billion in gifts to their children and, in some cases, their grandchildren. Every parent and grandparent who has the ability to offer support to their loved ones will do so and should be encouraged to do so. The average sum given by the bank of mum and dad was £55,000—a very significant amount of money, wherever you are in the country. That is great for those who are in such a fortunate position. There will be people in this Chamber who have been able to give and receive money, and we should acknowledge that.