James Murray

I point the hon. Lady to last year’s Budget, at which we decided to get rid of the non-dom tax status, to remove the VAT tax rate on private school fees, to increase the air passenger duty on private jets and to change the rate of capital gains tax and inheritance tax—all measures that will raise £8 billion by the end of this Parliament from taxes on assets and the wealthy. That is what a fair tax system looks like. While our plans are a credible way to settle the public finances, get public services back on their feet and support the economic stability so vital for investment and growth, the Conservatives come up with numbers out of thin air. At least half the £47 billion of fantasy savings they mentioned come from a welfare plan that amounts to a menu with no prices: they say that the list of measures would raise £23 billion in total, but no breakdown is apparent. We remember how, in June last year, just as the Conservatives were on their way out of Downing Street, they said that they could cut £12 billion from the welfare bill. Now they have doubled that, without any explanation whatever. Frankly, however he protests, the shadow Chancellor is not the person to be making that argument about welfare. When he was the Work and Pensions Secretary, he personally oversaw the biggest increase in benefits spending in decades.