Ms Marie Rimmer

I want to turn to another measure in the Budget that speaks to fundamental fairness in our society: the high value council tax surcharge, known as the mansion tax. Under the last Government, a band D home in Darlington or Blackpool would cost nearly £300 more in council tax than a £10 million mansion in Mayfair, which cannot be right. Working families are paying more to support their local public services than owners of luxury penthouses, but the Chancellor’s Budget will put an end to that. Her high value council tax surcharge will ensure that those living in multimillion-pound homes who have long escaped their fair contribution pay more, easing the burden on other households. However, this is about more than domestic fairness. For decades, London’s most expensive properties have served as safety deposit boxes for corrupt wealth from around the world. Russian oligarchs have poured billions into luxury London property—not to live in, not to contribute to our communities, but simply to park their wealth beyond scrutiny. These properties sit empty, increasing in value, while some families struggle with overcrowding and soaring rents and many people attempt to sleep on the streets. The mansion tax sends a clear message: if people own property in Britain, they will contribute to Britain; if they use our capital as a private vault, they will pay their fair share; and if their wealth is tied to Putin’s regime, corruption and the exploitation of the Russian people, London will no longer offer sanctuary. Our Government have intensified pressure on Russia through widespread sanctions. Just in the last year, we have sanctioned Russia’s two largest oil companies—Rosneft and Lukoil—as well as the vessels it has been using to transport its oil and gas around the globe, but we must go further. It is not enough to freeze Russian assets; we must ensure that those assets are put to work rebuilding what Russia has destroyed. In October, our Government joined forces with those of France and Germany to signal our readiness to use frozen Russian Government assets to help Ukraine, and now the time has come for us to put words into action. I urge the Government to continue working with our European partners to establish a clear mechanism for using those frozen Russian assets for Ukraine’s reconstruction. The principle is simple: Russia bombed it and wrecked it, and Russia should pay for its damage. The proceeds from sanctioned oligarchs’ frozen wealth should not remain static while Ukrainian families live without electricity, heating or homes, and with minimal food. This Budget shows that our Government are prepared to make difficult choices in pursuit of fairness. The mansion tax and our strengthened sanctions regime are two sides of the same coin. They represent a Britain that will not tolerate a system rigged in favour of the corrupt and the powerful.