Jeremy Hunt will be hammering the final nail into his two-nation Tory Government’s coffin if he decides “To them that hath, shall be given a shedload more”.
His “wealthfare” plan to give more generous inheritance tax handouts to the richest one in 25 families – who can already pocket £1million tax-free – shows the priorities of the Conservatives, who represent the few at the cost of the many. Hunt, a Chancer of the Exchequer whose own family would benefit financially, would be relying on the classic ploy of using greed and ignorance to try to win votes.
That also applies to Rishi Sunak, the wealthiest Prime Minister of our times. And David Cameron, obviously, a Bullingdon Boy who can now enjoy lording it over other countries as our new Foreign Secretary. Very few estates pay inheritance tax as it is. A couple can currently leave £1m without tax – the value of around four typical homes – and the 40p rate only applies to every pound after that. Shrouds have no pockets, as my old mam says. We don’t take wealth with us when we die, so the tax is on lucky folk who did nothing to earn windfalls.
Slashing inheritance tax would heighten the deepening and distasteful inequality between the have-nots and have-yachts. Wednesday’s much-anticipated Treasury statement, effectively a mini-Budget, from Hunt will be telling. It boils down to whether we wish to be a fairer, more decent nation with fantastic public services – or a land where a tiny minority are gifted fortunes while the rest struggle.
The Tories have fleeced ordinary workers. Through a freeze on income tax thresholds, they will have grabbed a “colossal” extra £52billion by 2027-28, according to the respected Institute of Fiscal Studies. Many people do pay too much tax in a Britain which has its highest tax burden for 70 years under the Conservatives.
But they are not those receiving hefty inheritances. The priority, as Labour Shadow Chancellor Rachel Reeves has stressed, should be helping workers and not those who are pocketing giant, seven-figure inheritances. By giving a few pennies to the workers while gifting absolute fortunes to a fortunate small number of the wealthiest people, the Tory elite would show their favouritism and reveal this government’s true colours.