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To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of taxing people with over £10 million in assets one per cent more and investing that money in the economy and public services.
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of taxing people with over £10 million in assets one per cent more and investing that money in the economy and public services.
The UK system is designed to ensure among other things that those with the broadest shoulders pay their fair share on their wealth and assets, with the tax system taxing wealth across many different economic activities, including acquisition, holding, transfer and disposal of assets and income derived from assets.
That was total nonsense. As some families in Battersea struggle to keep up with the rising cost of living, the Government have chosen to help bankers by removing the cap on their bonuses, while maintaining the cap on household social security. Despite soaring bills and growing inflation, the cap has remained stagnant since 2016, plunging hundreds of thousands of families into deep poverty. The cap on social security is cruel. How can the Chancellor seriously justify removing the cap on bankers’ bonuses but not the social security cap? Will the Minister have a word with his colleagues at the Department for Work and Pensions and change that?
That was total nonsense. As some families in Battersea struggle to keep up with the rising cost of living, the Government have chosen to help bankers by removing the cap on their bonuses, while maintaining the cap on household social security. Despite soaring bills and growing inflation, the cap has remained stagnant since 2016, plunging hundreds of thousands of families into deep poverty. The cap on social security is cruel. How can the Chancellor seriously justify removing the cap on bankers’ bonuses but not the social security cap? Will the Minister have a word with his colleagues at the Department for Work and Pensions and change that?
The hon. Lady has fully booked her place as a member of the anti-growth coalition. The Government are not afraid to be on the side of the people who create the wealth that funds our public services. In 1979 the top 1% of earners paid about 10% of income tax; they now pay 29.1%. That is three times as much.
What assessment he has made of the potential effect of removing the cap on banker's bonuses on the distribution of wealth.
What assessment he has made of the potential effect of removing the cap on banker's bonuses on the distribution of wealth.
Reforming the EU’s directive on the bonus cap is not about paying people more. All it ever did was increase base pay, regardless of performance. It was never a cap on total remuneration, and no one should pretend that it was.