Ellie Reeves
Main Page: Ellie Reeves (Labour - Lewisham West and Penge)Department Debates - View all Ellie Reeves's debates with the HM Treasury
(1 year, 2 months ago)
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Catherine West
Ellie Reeves (Lewisham West and Penge) (Lab)
The Financial Secretary to the Treasury (Victoria Atkins)
With permission, Mr Speaker, I should like to answer this question with Question 25; I hope that is correct.
Victoria Atkins
If I may correct the hon. Member, in fact, individuals on, for example, an average salary of £28,000 will pay £900 less income tax and national insurance in 2027-28 compared with the personal allowance and personal thresholds rising in line with inflation since 2010-11. These are concrete measures we have taken to ensure that the spread of tax burdens is borne by those with the broadest shoulders. On her point about non-doms, of course we keep all tax policies under review, but I again emphasise that our economy needs to be open to people around the world who come to the UK to do business. What is more, they pay UK taxes on their UK incomes, which last year was worth £7.9 billion.
Ellie Reeves
While UK households face the heaviest tax burden since the 1940s, the Tories refuse to scrap non-dom status or end tax breaks for private equity bosses and private schools. Labour would do that and use the money for more doctors, teachers and nurses. Does the Minister agree that, far from being the party of low taxes, the Conservatives are the party of unfair taxes?
Victoria Atkins
Again, I refer the hon. Lady to the autumn statement, in which we attempted to ensure that those with the highest wealth pay their fair share in taxes, including by increasing corporation tax for the most profitable 30% of companies. We have ensured that the small profits rate protects smaller businesses and those that are not the most profitable, so only about 10% will pay the full main rate; that remains the lowest in the G7.