Property Taxes

Peter Fortune Excerpts

Wednesday 3rd September 2025 Commons Chamber

[Peter Fortune (Bromley and Biggin Hill) (Con)]

After a summer of rumoured tax rises, my constituents are deeply concerned. They are already paying more, because Labour broke its promise to freeze council tax, broke its promise not to increase national insurance, and broke its promises to first-time buyers, small businesses and farmers. Thanks to the Chancellor’s anti-business policies, growth forecasts are collapsing, borrowing costs are sky-high, and our national finances are shot.

Instead of looking at its reckless decisions, Labour is now calculating the best way to raise taxes, and my constituents are worried that the Chancellor is eyeing up their family home. In Bromley and Biggin Hill, on the edge of Greater London, homes are expensive. The average house price is well over half a million pounds, and there are rumours that the Government may scrap the private residence relief, which would be devastating. It would slap my constituents with an average £33,000 tax bill when they sell their family home. If someone has scrimped and saved, and been lucky enough to see the value of their home go up, they should not be handed a punitive tax bill. It only serves to knock working people back down when they are trying to get ahead.

[Mr Louie French (Old Bexley and Sidcup) (Con)]

Residents in Bromley, like those in Bexley, have been hit by the Mayor of London’s 77% increase in his share of council tax since he took office, alongside various driving taxes. Does my hon. Friend agree that this increase in property taxes would be the straw that broke the camel’s back for many residents?

[Peter Fortune]

I agree that the Mayor of London, Sadiq Khan, is causing residents in Bromley and Bexley real financial hardship. However, I in no way believe that this will be the final straw—the final way that the Mayor of London can find to damage my constituents and those of my hon. Friend. I am sure that he has plenty more straws, and a lot more camel to lay them on.

As I was saying, scrapping private residence relief would be irresponsible and economically ruinous. Imagine if somebody bought a house in Bromley in 2010 for £350,000. Today, it would cost somewhere in the region of £550,000. If they wanted to move to a new area for work or to be closer to family, without that relief, the tax bill would be somewhere in the region of £50,000. That eye-watering bill would stop people moving and wreck the housing market. That is why I urge others to support the motion, which rules out any further reckless tax rises. Working people cannot afford to keep bailing out Labour.

--- Later in debate ---

[Peter Fortune]

My hon. Friend talks of pensioners. Does he agree that this is an extra pressure on them, following all the concern that was caused to them by the cut in winter fuel payments?

[Gregory Stafford]

My hon. Friend is entirely right. Once again, the Government are showing that they do not understand and do not value pensioners and the sacrifice that they have made. Everyone—pensioners, farmers and business owners—is seen as a cash cow for this Government.