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My constituents are concerned about rumoured tax rises due to Labour breaking promises on council tax, national insurance, and first-time buyers. There is a worry that the Government may scrap private residence relief, leading to an average £33,000 tax bill when selling a family home. This would be economically ruinous.
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Residents in Bromley and Bexley are hit by the Mayor of London’s 77% increase in his share of council tax since he took office, alongside various driving taxes. Scrapping private residence relief would be another burden.
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The Opposition debates are about imagined proposals as they have settled into the comfortable aspect of opposition without setting out actual plans for the country. The Conservatives’ Budget led to chaos, with families paying hundreds or thousands more due to increased interest rates.
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The Treasury is preparing destructive taxes on homeowners including capital gains tax on family houses, a revaluation of council tax, and even a land value tax. These levies will strip thousands from budgets already stretched to the limit.
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I think the record that we, the Labour Government, had to deal with when we took over last year bears repeating. We have heard theories propounded on the relationship between tax and growth and public spending, and we have heard that if we only lowered taxes, we would enter a glorious period of growth and even better public services, but the fact is that the impact of those theories and that ideology over the last 14 years has been clear to see. Austerity cut the engines of our economy, leaving us with public services that were not delivering for British people.
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I begin by referring the House to my entry in the Register of Members’ Financial Interests. I represent a rural, agricultural community. As we look forward to a Budget for Christmas, this Labour UK Government’s last autumn Budget remains of significant concern.
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Over half of UK farms have a net value of over £1.5 million. Farmers are already worried about the family farm tax and are now looking at the potential tax rises that the Government are floating for the upcoming Budget, including increased rates of inheritance tax and other forms of property taxes.
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It is a pleasure to be called in this debate, even if I must start by questioning the wisdom of the Opposition’s decision to bring forward today’s motion. After all, the memories and consequences of their so-called mini-Budget are still fresh—the culmination of Liz Truss’s economic policies, which the present Leader of the Opposition said were “aspirational and inspirational”.
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The hon. Member discusses the impact of sharp cuts in local authority resourcing and increases in council tax on his constituents, highlighting a specific case where a 10% council tax increase was approved by Conservative Ministers.
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The hon. Member criticises the Labour Government for increasing public expenditure far beyond their manifesto promise and expresses concern over high borrowing costs, arguing that this could lead to higher taxes or further borrowing in the future.
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The hon. Member questions Sir Ashley Fox's claim about the surge in borrowing costs and attributes it to Liz Truss’s mini-Budget, arguing that it started before the current Chancellor's tenure.
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The hon. Member voices concerns over business investment due to uncertainty about future tax increases, aligning with Sir Ashley Fox’s argument about stifling economic growth.
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The hon. Member defends the Labour Government's fiscal actions and highlights their efforts in stabilizing the economy, including interest rate cuts, trade deals, and investments in infrastructure and affordable housing.
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Supports the argument that speculation about additional taxes causes economic uncertainty, resulting in further slowdown of business activity.
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Argues against tax rises by highlighting past failures under previous governments. Emphasises the need for investment to build social housing (£40 billion-worth), citing progressive, growth-enhancing and easy-to-implement tax principles.
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Critiques Labour's economic policies, highlighting rising borrowing costs, flatlining growth, and increased taxes. Expresses concern over proposed property taxes, changes to inheritance tax relief affecting agricultural properties, business rates discount reduction for hospitality sectors, and potential council tax revaluations.
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The hon. Member points out that the so-called 'free' school meals are not truly free but come at a cost to schools themselves.
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As a former teacher, she refutes Robbie Moore's point and continues using the term 'free' for school meals. She highlights additional initiatives such as breakfast clubs, childcare support, and NHS investment.
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Ms Ward criticises the Conservatives for ignoring the economic inheritance left behind by their previous government. She mentions the Conservative's decision to put Liz Truss into Downing Street as a mistake. She defends Labour's economic management, highlighting wage growth, reduction in mortgage costs due to lower interest rates, and investments in infrastructure like Kirkcaldy regeneration funding.
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The shadow Secretary criticises the current government for consistently raising taxes. He argues that speculation about future tax increases is damaging to economic confidence, citing concerns from gilt markets and the Bank of England.
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Coleman welcomes the new Exchequer Secretary and highlights Labour's commitment to homeowners and renters through leasehold reform, providing renters stability, and building 1.5 million more homes to address the housing crisis left by the previous government.
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Stuart questions the transparency of the Government's tax rises, noting that Labour had promised £7 billion in tax rises but delivered £40 billion. He challenges the Government to commit to being more transparent with both markets and taxpayers regarding future tax changes.