Spring Statement

Nadia Whittome Excerpts

Wednesday 26th March 2025 Commons Chamber

[Rachel Reeves]

At the Budget, we set out tax increases on the wealthiest and on businesses to properly fund our public services. Constituents in Eastbourne will get to see a doctor or nurse a little more quickly, and will benefit from the breakfast clubs that we are rolling out because we had the money to. Hon. Members cannot back increased investment in our public services, including the settlement for hospices, if they oppose raising the money to pay for it.

[Nadia Whittome (Nottingham East) (Lab)]

I understand that this Government inherited from the Conservative party a huge financial mess, caused by over a decade of austerity. However, what is the justification for cutting disability benefits—a third of disabled people are already in poverty—instead of taxing the growing wealth of the super-rich? A 2% tax on assets over £10 million could raise £24 billion a year.

[Rachel Reeves]

At the Budget, we set out £40 billion-worth of tax increases; we got rid of the non-dom tax status, increased capital gains tax, put VAT on private schools and tightened the rules around inheritance tax. We made those decisions so that we could invest more in our public services, including in our schools and our hospitals. Indeed, we have now committed to lifting defence spending within the next two years to 2.5% of GDP. On welfare spending, there is nothing progressive about writing off a generation of young people, so our targeted, personalised support will help people get back into work, lift them out of poverty, and help them to contribute both to their family finances and to our nation’s finances.