Planned cuts to inheritance tax would only benefit the rich in the South of England and Tory Shires, says Stockton North MP Alex Cunningham as he adds his voice to those opposing the move.
The budget will be taking place on 8th March, and there are planned cuts to inheritance tax which would raise the tax free threshold from £650k to £1m for couples. It is estimated that this would cost £1bn to the Exchequer, with the vast majority of people affected living in London and South-Eastern constituencies.
Labour MP Rachel Reeves has put forward the argument that the funds that are being list on giving the wealthy a tax cut could instead go towards childcare which would help significantly more people than the 0.04% of people that the tax cut would benefit.
In Stockton North, 0.9% of properties in 2015-16 were sold for more £650k or more, which equals to just 21 houses. This is compared to 2343 properties worth less than £650k that were sold during the same time period. With the average sale price for a house in Stockton North being £110k, this demonstrates that the Conservatives are acting in the best interests of Tory heartlands in the South whilst voters in the North of England continue to struggle.
Upon seeing the figures, Alex said:
“It is disgraceful that this Conservative government are looking at how they can relieve the wealthy from paying a bit more, whilst the disabled and bereaved are facing further cuts to their support.
“Whilst voters in the South are experiencing an easier ride, my constituents face tough times. It’s not acceptable, and I will continue to stand up for my constituents to ensure they’re not getting left behind whilst the wealthy are being put first.”