If Kemi Badenoch hopes to make a similar impact with her conference speech yesterday, then she may well be waiting some time.
The Guardian reports that the Tory leader has announced that her party would abolish inheritance tax on family homes if elected, prompting criticism that she is prioritising cutting taxes for the rich.
The paper says that Badenoch also attempted to to shore up the Tory's traditional base in southern England by promising that couples would be able to leave an additional tax-free sum of £1m to their families:
The move would mean the number of families paying inheritance tax – currently less than 5% do so – would fall by more than a half, Badenoch said, with the plan expected to be paid for from £70bn in savings the party says it has identified.
“My ambition is to abolish inheritance tax altogether, as soon as we can afford it,” she told the Conservative party conference in Birmingham. “I believe the people who work hard and save should be rewarded for that effort.
“So this is my guarantee: no stamp duty when you buy your home, no mansion tax when you live in your home, and no inheritance tax on your home when you pass it to your children or grandchildren.”
The Tories’ policy plans announced this week – including support with childcare for those earning more than £100,000, repealing the mansion tax, and the inheritance tax plans – have been firmly focused on affluent middle-class voters, many of whom deserted the party at the last election.
However, the inheritance tax plans are likely to raise fears about overheating the housing market, giving elderly homeowners an incentive to stay in large family homes rather than downsize. It also prompted accusations that the party was favouring the rich over struggling families.
In a statement, Tax Justice UK said: “Kemi Badenoch has just announced a massive inheritance tax giveaway to some of the wealthiest people in Britain. This is a reckless policy that will deprive public services of cash when they most need them.”
Inheritance tax is only paid by the very richest estates with 95% paying none at all, so cutting it would do nothing for ordinary people. I am also sceptical about the so-called savings of £70bn.
The Guardian reports that the Tory leader has announced that her party would abolish inheritance tax on family homes if elected, prompting criticism that she is prioritising cutting taxes for the rich.
The paper says that Badenoch also attempted to to shore up the Tory's traditional base in southern England by promising that couples would be able to leave an additional tax-free sum of £1m to their families:
The move would mean the number of families paying inheritance tax – currently less than 5% do so – would fall by more than a half, Badenoch said, with the plan expected to be paid for from £70bn in savings the party says it has identified.
“My ambition is to abolish inheritance tax altogether, as soon as we can afford it,” she told the Conservative party conference in Birmingham. “I believe the people who work hard and save should be rewarded for that effort.
“So this is my guarantee: no stamp duty when you buy your home, no mansion tax when you live in your home, and no inheritance tax on your home when you pass it to your children or grandchildren.”
The Tories’ policy plans announced this week – including support with childcare for those earning more than £100,000, repealing the mansion tax, and the inheritance tax plans – have been firmly focused on affluent middle-class voters, many of whom deserted the party at the last election.
However, the inheritance tax plans are likely to raise fears about overheating the housing market, giving elderly homeowners an incentive to stay in large family homes rather than downsize. It also prompted accusations that the party was favouring the rich over struggling families.
In a statement, Tax Justice UK said: “Kemi Badenoch has just announced a massive inheritance tax giveaway to some of the wealthiest people in Britain. This is a reckless policy that will deprive public services of cash when they most need them.”
Inheritance tax is only paid by the very richest estates with 95% paying none at all, so cutting it would do nothing for ordinary people. I am also sceptical about the so-called savings of £70bn.
Inevitably, those who will suffer the most from these cuts will be the poorest in society, or those struggling with a disability or illness. And what will be the impact on basic services such as health, education and social care?
This is not a programme for government, it is a manifesto for the top 5% richest people in the country.,
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