With the Tories trailing Labour by 20 points, Conservative MPs are pushing Sunak to scrap inheritance tax in the Spring budget.
The Tories are so desperate to turn around their fortunes that Rishi Sunak thinks the best way for his party to regain the public’s support is further tax cuts for the rich.
Sunak, who has failed to turn around his party’s dire poll ratings despite ‘multiple resets’ after he replaced Liz Truss, is reported to be considering scrapping inheritance tax for the richest families in a bid to turn voters to his party. The tax is only paid by around 4% of estates in 2021 and abolishing it would cost £7 billion.
With the Tories trailing Labour by 20 points, Conservative MPs are pushing Sunak to scrap inheritance tax in the Spring budget.
The Telegraph reported on its front page today that Downing Street is planning to scrap inheritance tax in three months’ time in a pre-election giveaway, as part of the Prime Minister ordering a ‘gear change’ on tax.
Reacting to the news, LFF columnist Prem Sikka posted on X: “Tory Govt plans to end inheritance tax ahead of election. 4% of the estates pay IHT, raises £7bn. IHT cut won’t benefit most people.
“Cost of £7bn tax cut for the rich = cuts in public services, NHS, schools, social care, benefits. public sector wages.”
Nazir Afzal posted on X: “Remember only 4% of us & 96% of Tory MPs & their donors would benefit from abolishing #InheritanceTax. Whose side are they on?”
Basit Mahmood is editor of Left Foot Forward
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