Stamp Duty Land Tax

Debate between Peter Bedford and Rebecca Smith

Tuesday 28th October 2025 Commons Chamber

[Mr Bedford]

My hon. Friend puts the case very clearly, and he is absolutely right. Labour Members talk about intergenerational unfairness, but they do nothing about it. We Conservatives believe in encouraging young people to determine their own futures.

[Rebecca Smith]

My hon. Friend speaks of intergenerational fairness. Does he agree that the status quo hinders older householders who may be asset-rich and cash-poor, because the value of their property has increased—fortunately for them—but not necessarily their income? Stopping this policy in its tracks would stop older people who may be desperate to downsize, knowing that to do so would be to play their part in providing homes for other families, but who simply cannot afford to because the stamp duty on more expensive properties is unpayable.

[Mr Bedford]

I thank my hon. Friend for making an excellent point. Many people come to my surgeries and make that point month in, month out.

That is why this Conservative motion matters. By abolishing stamp duty, we would be empowering young people to aspire to own their own homes and invest in their own futures. That is what a responsible Government do, giving people the tools to achieve their ambitions. This policy will not only transform lives, but boost the economy, stimulate growth in the property market and add an incredible £17 billion to our GDP over 10 years. We saw the results when the last Conservative Government cut stamp duty in 2021. People took the opportunity to invest in their own futures.

This is the Conservative way: lower taxes, greater ownership and rediscovered aspiration. I will be voting for this aspirational motion tabled by the Leader of the Opposition, who understands that it is not just a question of economics, but a question of values. We should choose freedom over control, ambition over dependency and aspiration over stagnation. That is the Conservative vision for Britain, and it is one that I know my constituents in Mid Leicestershire—particularly the young people—will get behind.

Pension Schemes Bill (Fourth sitting)

Debate between Peter Bedford and Rebecca Smith

Committee stage
Thursday 4th September 2025 Public Bill Committees

[Mr Peter Bedford (Mid Leicestershire) (Con)]

I want to reiterate a lot of the points mentioned by the hon. Member for Aberdeen North. Financial education is key to unlocking many of the challenges that we face in adulthood, whether budgeting, debt management, saving or planning for retirement. I introduced a ten-minute rule Bill, the Financial Education Bill, earlier this year; I know we already have an element of it in secondary schools, but we need to go further as a country and ensure that everyone, from the very young upwards, has that education to inform the key decisions in our lives.

I take the hon. Member’s point on DB schemes funding those seeking advice for DC schemes, but it is often the case that members have pensions in both DB and DC schemes: people move quite fluidly from a job in the public sector to one in the private sector, and will inevitably have membership in both DB and DC schemes. The Bill would benefit from the amendment proposed by the Liberal Democrats.

I also take the hon. Member’s point on the need for better engagement by employers. I know some large companies offer employees mid-life MOTs on financial education and management. Certainly, FTSE 100 companies that I have worked for offer employees that kind of support as they approach retirement. I am sympathetic to new clause 1, which amendment 3 is connected to, because it is essential that as we get older and plan for retirement, we are fully informed on those decisions. I will support the Liberal Democrat amendment.

[Rebecca Smith (South West Devon) (Con)]

In line with what has been said already, my thought is that plenty of financial education is a good thing; to say that some is worth pursuing and some is not seems a bit at odds with what we have been debating. I echo what colleagues have said about workers who come from a DC scheme into a DB scheme and need that education. I am sure there are many new Members who are in that position—I cannot be the only person who is—and, while I am fortunate enough to have taken pension advice throughout my career, I know many people have not.

For me, this is not something that is mandated, but a suggestion for something that could be done. Providing another alternative and another opportunity for people to receive financial education—particularly people in their 20s, 30s and 40s who have not had it at school, because it was not part of the curriculum at that point—is something we should welcome and not restrict.

The amendment seems to me perfectly sensible. I appreciate why some people might think it does not go far enough, or that the matter will be addressed later in the reporting back that the Government will do on pensions in general, but the emphasis on people around the age of 40 is particularly important, because they still have a good 20 years—or 30 years, potentially; who knows what will come forward from the Government?—to work and to ensure that they maximise returns to achieve adequacy. Having an additional vehicle to do that seems to me a sensible thing, and I put on record my support in the same way that my hon. Friend the Member for Mid Leicestershire has.