Catherine West

It is a real pleasure to speak in this debate and to reflect on the question of inheritance tax brought to the House by the Conservative party. It affects about 4% of the population. On the Government Benches, we are rather more concerned with the 63% of the population who are facing tough times. Labour will therefore be voting against this Opposition day motion. I think we all remember where we were in the summer of 2022 when Liz Truss crashed the economy. The mortgages that ordinary families around the country were paying went through the roof. A shiver went down the spines of all the people who had pensions invested, as civil servants were sacked and the general reputation of the economy in the UK was trashed. Sadly, we have been paying the Truss penalty ever since. However, those of us on this side of the House fought to stop the chaos, restore hope and deliver change. In two years a lot of progress has been made, and even more has been made over the summer. I look forward to the Budget that will be presented in two weeks’ time, which will have more to offer those who are struggling with the cost of living crisis. Today, His Majesty’s official Opposition are asking the House to vote to bring back that version of chaos. Independent analysis suggests that the Conservatives’ inheritance tax proposals could cost up to £10 billion a year. Most families would rather see that money used to tackle the cost of living for everyone and to increase the wealth of the country as a whole, rather than being used to provide tax cuts for the 4% proportion of the population affected by this particular tax. The Conservatives say that theirs is the party of home ownership, but after their 14 years in government, home ownership fell out of reach for too many young people. The only growth was the growth in homelessness, which, sadly, increased by 74% during those 14 years. Working people look to the Government to tackle the cost of living crisis and give them some breathing space, but unfortunately the Conservatives’ priority is cutting tax on inherited wealth. As my hon. Friend the Member for Welwyn Hatfield (Andrew Lewin) pointed out so eloquently, we should be looking at all possible options to establish the meritocratic principle that no matter where you are born or what your background is, you should have an opportunity throughout your working life to make the very best of it and to be successful.