Noah Eden, Sheffield Socialist Party
What was once seen as the greatest capitalist party in the world, the Conservative Party is today growing weaker and splitting at the seams. John Cauldwell, who gave the Tories half a million pounds before the 2019 election is now considering backing Keir Starmer’s Labour after Sunak’s net-zero U-turns (see ‘Tory net-zero ruin: Only socialist change can stop climate catastrophe’ on socialistparty.org.uk).
Prime minister Rishi Sunak is, as reported in the Sunday Times, considering cutting and abolishing inheritance tax in another desperate move to try and win back the support of rich backers.
According to a report by the Institute for Fiscal Studies, it would cost roughly £7 billion to abolish, with the richest 1% in Britain receiving an average tax cut of approximately £1.1 million each!
HM Revenue and Customs statistics show that, in 2020-21, less than 4% of estates paid inheritance tax. It is evident that Sunak wouldn’t be doing this to benefit the working class facing the cost-of-living crisis, but once again to act to benefit those at the top of society.
If Sunak continues with his decision to lower it and eventually abolish it, the cost will be passed on to the working class. This means more austerity and cuts to public services. We fight for fully funded public services, including the tax collectors, paid for by taking the wealth off the one percent, to run society democratically for the millions not the millionaires
