Inheritance Tax

Debate between Patrick Spencer and Daisy Cooper

Wednesday 14th October 2026 Commons Chamber

[Daisy Cooper]

I can tell the hon. Member that, based on the statistics, the thing that would bring the biggest amount of growth would be having a closer relationship with Europe. He will know that we Liberal Democrats opposed the rise in national insurance contributions, and we have said that we would like to see the reversal of the lower threshold as an immediate move to give businesses back the incentive to give young people jobs, given the crisis of young people not in education, employment or training. That is why our plans link the additional growth generated by a stronger partnership with Europe directly to tax cuts for working people. That is the fair way to help families facing the cost of living crisis, the responsible way to cut taxes and the honest way to pay for tax cuts, unlike the Conservatives’ unfunded promises.

[Patrick Spencer (Central Suffolk and North Ipswich) (Con)]

Where is the fairness in rightly reducing an earning couple’s tax bill over time so that they can accrue capital and buy a house, only for it to be taxed when they want to leave it to their children?

[Daisy Cooper]

I think we all accept that there are many unfairnesses in our tax system and that there are many tax reforms we want to see for growth. I have acknowledged in my speech that there are unfairnesses in the way that inheritance tax works, but scrapping taxes in an unfunded way is not the way to reform tax in this country, and it is certainly not the way to run the economy. Rather than offering another round of economic fantasy, we Liberal Democrats have a credible growth plan that would make the United Kingdom safer, stronger and more prosperous.