Tory MPs beg Jeremy Hunt to desert tax cuts that may solely assist the wealthy
More than 100 Tory MPs have pleaded with Rishi Sunak to desert huge tax cuts that may solely profit the wealthy.
The PM can be urged to go additional on childcare and scrap stamp responsibility for people who find themselves downsizing in a string of measures to forestall electoral wipeout. Mr Sunak and Chancellor Jeremy Hunt face calls for from rival factions inside their occasion forward of the Spring Budget on March 6.
The centrist One Nation group has additionally known as for first time patrons to be allowed to place as much as 25% of their tax free pension financial savings right into a deposit for a house. And the caucus, made up of 107 Tory MPs, additionally desires all revenue to be taxed on the similar price – no matter whether or not it is earnings, advantages, or dividends
Damian Green, who chairs the group warned the Chancellor in opposition to “prioritising tax cuts that only benefit the most wealthy, such as the Inheritance Tax”. The Government has been broadly tipped to boost inheritance tax thresholds and even scrap it altogether.
Mr Green stated that the Budget is an opportunity to “demonstrate to voters that we are on their side”. The group known as on Mr Hunt to construct on free childcare measures introduced within the Autumn.
Matt Warham, the caucus’ vice chairman stated: “For too many, caring for children costs too much money, and comes with an even higher cost to their careers.” He stated it’s “essential” for the Government to offer “dedicated and meaningful measures”.
And he added: “If we fail to do so, we risk letting down millions of parents who deserve not to have to choose between their child and their career.”
The One Nation group also proposes new protections to ensure graduations aren’t saddled with higher interest rates on loans that the average commercially available. And it says a new levy should be placed on foreign owners of vacant luxury flats which were bought for investment purposes.
The demands follow hot on the heels of calls by the hard-right New Conservatives group to cut the basic rate of income tax by 1p. It also wants Mr Hunt to raise the 40p tax threshold from £50,271 to £60,000, and scrap the High Income Child Benefit Charge (HICBC).
