Inheritance Tax
Every day, millions of hard-working people work, earn and contribute to our economy with the principal goal of providing for their children, both in the present and in the future. For many, these jobs are much more than a payslip. They are the pillars that allow a family to function, grow and thrive. As a former family business owner, I know just how valuable such opportunities can be. Today’s debate is important not simply because it is about business, but because it is about protecting opportunity. It is about ensuring that the next generation has the chance to develop the skills, confidence and experience that will shape the rest of their lives and careers. I spent my summer on my annual work experience tour in South West Hertfordshire, visiting local businesses to volunteer my time and understand how they operate, and to learn about the challenges they face. In Kings Langley, I went to Wayside farm to shadow Charlie, who has been running the farm for over 30 years. It is one of only two dairy farms remaining in Hertfordshire. I pulled pints behind the bar of the Unicorn in Abbots Langley, run by Debbie and Ady. Debbie started as an employee, learning all about the pub before taking over. This is exactly the sort of entrepreneurship we should be encouraging. I visited Unit VII in Rickmansworth, an artisan coffee shop owned by married couple Raman and Zarina, who also host community-focused events for my residents. Finally, I visited a car parts store in Kings Langley, a family-owned business that has grown so successfully that it has opened more stores and employed people across the country, helping the local economy in my constituency and, I am sure, in those of many other MPs in this Chamber. All those businesses repeated the same message: Labour’s harmful policies of increasing national insurance contributions, strict rules and regulations, and soaring energy costs mean that these small, independent businesses are now having to make difficult decisions about hiring and opening hours, when they should be supported and encouraged to grow their businesses. Labour has also reduced opportunities for young people to get their foot on the career ladder. Hospitality businesses in particular, which have historically relied on seasonal work and training young people up, can no longer afford to do so, meaning that our young people are going without the opportunities that should shape the rest of their lives. Growth happens when family businesses have the confidence to invest, expand and create jobs. That is why this Government must work with businesses, not against them, and it is why the Conservatives would abolish the high rates of inheritance tax on the farms, homes and businesses that support economic growth and local communities. We would abolish business rates for thousands of retail, hospitality and leisure businesses, cut the red tape that prevents employers from recruiting young people, and introduce our cheap power plan, which would cut electricity bills by 20% for businesses. In conclusion, this debate is ultimately about opportunity. My residents should not work hard to provide for their children’s future, only to have that investment taken away to pay for an ever-increasing welfare bill. Every family business is a testament to community, to innovation and to shared prosperity, and these opportunities are worth protecting. I am incredibly proud of all the family-run businesses I have in South West Hertfordshire. I urge the Government to recognise the damage that they are doing to these family businesses, and to work tirelessly to ensure that my residents are not punished for a life of hard work.