Public Spending: Inheritance

Debate between Rachel Reeves and Claire Hazelgrove

Monday 29th July 2024 Commons Chamber

[Rachel Reeves]

I thank the hon. Gentleman for that question. I have just set out the non-dom tax loophole closures, and my hon. Friend the Exchequer Secretary has published a written ministerial statement today setting out our manifesto commitments around the energy profits levy, VAT on private schools, and the non-dom changes, which we will consult on and introduce in the Budget. We will not be introducing a wealth tax. We want this to be a great place for investors, and a wealth tax would have the opposite effect.

[Claire Hazelgrove (Filton and Bradley Stoke) (Lab)]

May I thank my right hon. Friend for her transparency and openness about the dire state of our inheritance from the Conservatives? The Tory leadership race is now clearly in full swing, which is important. People across the Filton and Bradley Stoke constituency, and across the country, deserve to know why none of the contenders came clean about this black hole when they were in government. Or were they kept in the dark by the Chancellor’s predecessor as well?

[Rachel Reeves]

Far be it from me to give advice to Tory leadership contestants, but if I were taking part in this contest, I would want to distance myself as much as possible from the Government in the previous Parliament who caused this terrible mess.