Conservatives to vote against Labour’s tax raid on savers, family homes and hospitality

• John Healey is doubling down on Rachel Reeves' disastrous legacy as Chancellor and hiking taxes even further
• The tax burden is on course to reach a record high
• Conservatives will oppose these tax raids in Parliament and make the case for lower, simpler and fairer taxes for families and businesses

The Conservatives will vote against key tax rises in John Healey's Budget today [Tuesday 3^rd October].

In the final day of debate in the House of Commons on the various measures in Healey's Budget, the Conservatives will oppose Labour's plans to:

• Increase taxes on property and savings, with costs inevitably passed onto renters
• Introduce a new family homes tax, punishing people for working hard, saving up and investing well
• Apply an additional surcharge on banks, which will deflect the costs onto consumers
• Raise alcohol duty, increasing pressure on hospitality and driving up prices
• Reduce business asset disposal relief rates, launching a further raid on industry

The Party will also vote against the Budget itself.

Labour have raised taxes by £75 billion across their three Budgets. The tax burden is on course to reach its highest level on record, yet Labour think now is the time to penalise families and businesses even more.

And they are raising taxes because they refuse to bring the welfare bill down. Last week, Government spinners had to correct the Chancellor after he claimed he would lower the bill in this Parliament. That evening, Healey u-turned on his earlier comments. Instead, working-age benefits are on course to rise by £60 billion.

The contrast with the Conservatives could not be clearer. We believe in lower, simpler and fairer taxes, a welfare system that is a safety net not a lifestyle choice, and an economy that rewards hard work and ambition.

We will make £70 billion of savings, including £36 billion from the welfare bill, and use the money to cut taxes, cut the deficit and fund our Armed Forces.

We have already committed to abolishing Labour's Family Homes Tax. We will scrap Stamp Duty on primary residences, abolish business rates for thousands of high street businesses, scrap inheritance tax on family homes, and make sure couples can pass on up to £1,000,000 free of Inheritance Tax.

The Conservatives are the only party with a plan to restore the public finances so we can relieve the pressure on ordinary families and back aspiration, delivering a Stronger Economy and Stronger Country.

Andrew Griffith MP, Shadow Chancellor of the Exchequer, said:

Healey's Budget will take the tax burden to a historic high. Instead of easing the pressure on hardworking families and businesses hammered by Labour, he has chosen to raise taxes again.

You cannot tax, spend or regulate your way to growth. The only way we will make Britain prosperous again is to back our country's risk-takers and job-creators.

The Conservatives will vote against Labour's tax raid on savers, family homes and hospitality. Instead, we will make £70 billion in savings, with more than half coming from cutting welfare, so we can cut taxes, cut the deficit and give our Armed Forces the resources they need.

ENDS

Notes to Editors: 

The Conservatives will vote against the following Budget resolutions on tax on Tuesday:

• Resolution 3 (tax on landlords and savers)
• Resolution 7 (bank surcharge)
• Resolution 8 (reducing rates of business asset disposal relief)
• Resolution 76 (rates of alcohol duty)
• Resolution 86 (family homes tax)