Budget: Cost of Changes

Debate between Lord Stoneham of Droxford and Lord Sassoon

Tuesday 12th June 2012 Lords Chamber

[Lord Stoneham of Droxford]

Does my noble friend agree that there is a source of revenue for the Government in that they can both protect and even extend the winter fuel allowance for the most vulnerable in society by asking higher rate taxpayers to pay tax on what they receive?

[Lord Sassoon]

My Lords, what this Government have done as far as the wealthiest are concerned is to raise five times as much tax from them as the Labour Party would have done under its plans, so that the top 1% of the population of earners pay 27.7% of tax. We are very concerned to make sure that tax falls where it should: on the broadest shoulders.