(4 years, 5 months ago)
Commons ChamberI hesitate to give my right hon. Friend a history lesson, but he will recall that Ronald Reagan was a deep admirer of FDR and quite a heavy spender in his own right. Inheritance tax is paid on only one in 25 estates, and therefore it is not quite as large an issue in terms of the number of people affected as my right hon. Friend suggests. We take these issues very seriously and return to them recurrently at fiscal events.