Gregory Stafford

While I am following a vast number of extraordinarily excellent speeches from Opposition Members, unfortunately I am going to have to start with some of the really quite stunning comments from Government Members—comments that clearly demonstrate that the Government have absolutely no clue about what creates wealth in this country, what drives growth in our economy, and what real people who are working hard have to face in Britain every single day. There was no greater example of this than the comments of the hon. Member for Macclesfield (Tim Roca), who I notice has just scuttled out of the Chamber. He had the audacity to misquote Churchill and to call the people who are working hard in this country—the people who are grafting hard—the “idle rich”. What a disgraceful thing to say to those people who are building a business! What a disgraceful thing to say to the farmers who are up at the crack of dawn trying to make their businesses work! He should come back to the Chamber and apologise to them, because they deserve an apology. I prefer another Churchill quote. He said: “Socialism is the philosophy of failure, the creed of ignorance, and the gospel of envy”, and we have seen a lot of failure, ignorance and envy from Government Members today. The real people who are going to be hit by these taxes are not the idle rich who the hon. Member for Macclesfield mentioned; they are the grafters who put in—people like my father’s family, who ran a business for over a century in Hazlemere. They worked hard, took risks, saved, and stood on their own two feet. These are the sort of people who this Labour Government have decided they want to tax to the hilt—to tax out of existence. For decades, business property relief meant that a family firm could pass to the next generation without a bill. This Government ended that. Relief was capped at £1 million in 2024. Only after a backlash did it rise to £2.5 million of combined business and agricultural property relief. As my hon. Friend the Member for Broadland and Fakenham (Jerome Mayhew) said, though, businesses are not a bank account. Cash and capital are two different things. A business’s value is in its premises, its machinery, its stock and its good will, not necessarily in its cash, so the people who inherit it must find money from the very businesses that employ their staff and extend growth.