Dr Ben Spencer

This is, without doubt, one of the most important debates we can have, because it goes to the heart of a simple question: when someone works hard, saves diligently, builds a business, a family farm or buys a family home and wants to plan for their children’s future, why are they penalised by this Government? Why is their success targeted? And when will fairness be restored, so that those who work hard to achieve success are rewarded, not attacked and subject to the politics of envy? The answer, I hope, will be after the next election. Labour’s answer is always the same. Its instinct is to ask, “Who can we tax?” That is not me saying that, but the Work and Pensions Secretary, who admitted that every conversation he had had with Labour Back-Bench MPs was them asking who they can tax to pay for increased welfare spending. It is constituencies like Runnymede and Weybridge that are firmly in their sights. I can picture them now, sitting high in their Whitehall ivory tower, looking for new ways to tax and spend. Surrey and the south-west comes into their sights: the successful businesses, the skilled workforce and the resulting high house prices. Rather than looking to replicate that growth and success, they simply look at their spreadsheet. They see a house price. They see something they think they can tax. But people’s assets are not lottery winnings. They are the product of decades of hard work, discipline and sacrifice. To tax wealth and savings in this way is not fairness; it is a penalty on individual responsibility. It sends a damaging message that those who work hard, build a business, and save for their and their family’s future will be punished for doing so. I believe in fairness, not redistribution. At the next election, the country will be offered a clear choice: a Labour Government whose priorities put welfare spending above our country’s defence and whose commitment to raising taxation will bankrupt our children’s future; or a Conservative party that believes aspiration should be rewarded, not targeted, that savings belong to the individual not the state, and that planning for the future should be encouraged, not penalised. Whether it is an increase in taxation on savings and investments, increased taxation on businesses, the mansion tax or the family farm tax, Labour’s approach is to tax success. Labour is asset-stripping our country, and targeting the very people and businesses that create growth, prosperity and opportunity. At the next general election, the choice could not be clearer: a Labour party, facilitated by the Liberal Democrats, that sees taxpayers as targets; or a Conservative party that backs enterprise and rewards hard work, and stands up for those who want to build a better future for their children. People’s money is their own. It is not the Government’s money that Labour has not taxed yet.