National Insurance Contributions (Increase of Thresholds) Bill

Debate between Sally-Ann Hart and Richard Drax

2nd reading
Thursday 24th March 2022 Commons Chamber

[Richard Drax]

I entirely concur. Yes, inflation is now spiralling to 7%, I think, and more across the rest of the world. Inflation has a very negative effect on the economy, on what we can afford to buy and on the value of our money. It has to be countered.

Given that the cost of living is spiralling and that taxes are the highest for 70 years, I urge the Government to go further. As they know full well, lower taxes generate more cash. That point is proven, and we Conservatives have fervently followed it for as long as I recall. Why? Again, as Treasury Benchers know, low taxes are a force for good—both for the individual, who is far better placed to decide where to spend their money, and for the private sector, which can better invest in their businesses, employ more staff and sustain a profit—an ugly word for Labour Members. Let us not forget that it is the tax from those profits that pays for the public sector.

[Sally-Ann Hart]

Will my hon. Friend confirm that every single Labour Government have raised taxes rather than lowered them and have left this country in such a situation that every single Conservative Government have had to get the economy back on track?

[Richard Drax]

I totally concur with that comment. Regrettably, Labour will do it again and again and again —that is what socialism is all about.