Property Taxes

Emily Darlington Excerpts

Wednesday 3rd September 2025 Commons Chamber

[Emily Darlington (Milton Keynes Central) (Lab)]

I appreciate the opportunity to speak in this debate. I want to take on the challenge set by the shadow Chancellor, the right hon. Member for Central Devon (Sir Mel Stride), so let us talk about how we got to this point, and the devastating consequences. Under the last Government, despite 27 tax rises, Government debt rose from 60% of GDP to 100.5%. They were borrowing for day-to-day spending. The shadow Chancellor talks about unfunded commitments; he knows about those, because the last Government left a £22 billion black hole of unfunded commitments. He says he cares about property ownership, but the last Government were responsible for a 6% fall in home ownership among people aged between 25 and 34. That was on his watch. This Government are building 1.5 million new homes, including record numbers of council homes and social properties. We also have renters’ rights reform, and we are looking into mortgage reform. That is about ensuring a fair and more affordable housing mix for all.

What drove that fall in young people owning homes? We have to look to inflation, which peaked at 11.1% under the last Conservative Government, almost hitting Margaret Thatcher’s record of 17%. The Conservatives seem to be comfortable with high interest rates; in 2022, food inflation hit a 45-year high. In 2023, the UK recorded the highest inflation rate in western Europe; it was the only country to have double-digit inflation. Under this Government, we have had five interest rate cuts in only a year.

The real cost of high interest rates can be found in the number of children living in poverty. There was a 20% increase in child poverty between 2014 and 2024. Food bank demand rose by 3,772% under the Conservative Government. In 2010, approximately 2.3% of children were living in relative poverty. In 2024, the figure was 4.5%, and that is shameful. It was the biggest fall in living standards on record, but under this Government, wages are finally rising faster than prices. We have seen the results of cuts in spending, particularly on youth services, which had a 73% real-terms cut under the last Government. This Government are putting £88 million back into youth clubs. Is that what the Conservatives want to cut?

Finally, I want to talk about businesses. The shadow Chancellor said that nobody on this side of the House had experience of starting, running and growing a business. I, for one, have done that, as have many others on the Government Benches. He should get to know his colleagues before he makes those assertions.