Mel Stride MP: speeches 2025

Speeches

• 12 Nov 2025 · Taxes · Hansard source

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  My hon. Friend is absolutely right. If we borrow more money, we pay more for that borrowing. Of course, that has fed through to inflation. We know that inflation this year, according to the International Monetary Fund, will be the highest in the G7. The IMF also says it will be the highest in the G7 next year. The consequence of that in monetary policy is interest rates being higher for longer. Of course, if we have a mountain of debt and add to it ruinously, the cost of servicing that debt goes through the roof. It now stands at about £100 billion a year, rising to £130 billion at the end of the scorecard. That is more than twice what we spend on defence every year.

• 12 Nov 2025 · Taxes · Hansard source

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  To be fair, I think the Prime Minister was referring to facial hair growth, rather than growth in the economy. They are distinctly different things.

• 12 Nov 2025 · Taxes · Hansard source

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  I am surprised that the hon. Gentleman would follow up what was not the strongest first question with that. The Government are naive enough to think that by simply buying people off with no strings attached, the problem would go away. It is like feeding meat to the wolf: when the wolf is fed meat, it will come back to the door the next day, and that is precisely what has happened here. Industrial relations are not improving at the moment. We have various unions in the public sector threatening to strike, including in the NHS, where the hon. Member for St Austell and Newquay (Noah Law) started in his first question. Where has all this led? It has led to lower growth. No matter how much those on the Front Bench may trumpet increased growth, the reality is that growth per capita— [ Interruption. ] The hon. Member for Bishop Auckland (Sam Rushworth) says it is the highest in the G7, but our growth per capita is the second lowest in the G7. What matters is growth per capita, because that is what drives an improvement in living standards. [ Interruption. ] I have more bad news for the hon. Gentleman, who continues to chunter from a sedentary position: the IMF says that growth per capita will deteriorate even further next year and be the lowest in the G7.

• 12 Nov 2025 · Taxes · Hansard source

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  My hon. Friend is absolutely right. He will have heard the various quotations at the beginning of my contribution exactly to that effect. The motion on the Order Paper asks a simple question. It is essentially this: even at this late stage, will the Government stand by their word, or will they dragoon those on the Benches behind them through the wrong Lobby tonight? If they vote with us, millions will heave a huge sigh of relief. If they vote against, the people will have their answer, and they will never forget.

• 12 Nov 2025 · Taxes · Hansard source

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  Well, he may or may not be—it remains to be seen. What all this ends up with, of course, is lost fiscal headroom. That is the story so far. We had a Budget last October with about £10 billion against the debt target; that vanishes, with 50% on top as well. It is rebuilt in the spring, and now it has all disappeared, and we are waiting to find out how deep that black hole is. We have entered something of a doom loop, with higher taxes destroying growth, leading to a loss of fiscal headroom, requiring—in the Chancellor’s terms at least—further tax increases, leading to further destruction of growth, and around and around we go.

• 12 Nov 2025 · Taxes · Hansard source

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  There were many great things that the previous Government did, not least creating employment as a job-making machine and, despite the Russia-Ukraine war, bringing inflation down at the back end of 2022 from 11% to 2%—bang on target—on the day of the general election. Where is inflation now? It is almost twice that level. We also improved education in our country beyond all measure; Labour is now undoing those reforms, and we will see the consequences of that for generations to come. We did many things of which we should be proud, not least getting us through covid and through the inflationary times. On the day of the general election, we had the highest growth in the G7, we had near record levels of employment and a near record low level of unemployment, and we had seen 13 consecutive months of improving real living standards. That is not a bad record.

• 12 Nov 2025 · Taxes · Hansard source

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  My right hon. Friend makes an extremely valid point. I shall come to those matters shortly, because there are alternatives to what the Government have decided to do. It was this Government who went on a reckless borrowing spree. This year, we have borrowed £100 billion—the highest borrowing in our history, excluding the pandemic. Why has that happened? Because the Chancellor has fiddled the fiscal rules. She changed the debt definition from public sector net debt, as it was under us, to public sector net financial liabilities, which allows far more borrowing. In fact, under the original definition that we had—which she, incidentally, said she would not change—she would have been underwater in just about every year of the forecast on the debt target. That recklessness has led to the Labour party having plans to borrow half a trillion pounds more over the period of this Parliament than we had in our plans that it inherited.

• 12 Nov 2025 · Taxes · Hansard source

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  It was the Korean war—my right hon. Friend is absolutely right. It is the Chancellor’s choices that have led to this situation. She was the person who chose to put up taxes on jobs, which has led to growth being anaemic. We know that taxes such as national insurance feed through to lower investment, higher inflation, higher unemployment and lower real wages. We know that the Government talked down the economy with the absurd and fictitious £22 billion black hole. In a sweet irony, when they asked the OBR to come in and opine on that number, it said that it would not legitimise it.

• 28 Oct 2025 · Stamp Duty Land Tax · Hansard source

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  As usual, my right hon. Friend makes a characteristically poignant point. There is another act of damage that this Government have created: some of the most successful high net worth wealth creators in our country have simply gone; they have left. It is estimated that 16,000 have gone over the time that this Government have been in office. Socialists will say, “Who cares? Good riddance!”, but they should dwell on the fact that the tax paid by those 16,000 people is probably equivalent to between a third of a million and half a million people on average earnings. Hard-working people up and down our country are paying the price of Labour’s policies. There are choices; it does not have to be like this. We can reduce taxes if we get on top of and control Government spending. At my party’s conference, we set out £47 billion-worth of savings across Government, including £23 billion in savings across the welfare budget. What did the Government do when they tried to tackle the welfare budget? They showed us that this is a Dad’s Army of a Government with a Captain Mainwaring of a Chancellor. They are no match even for the rabble behind them. We know that we need to have responsible tax cuts. That means that they need to be funded and they need to lean into growth. That is why we have announced that, were we in government, we would be abolishing stamp duty on primary residences. It is one of the worst taxes in our tax system. The OBR states that a 1% increase in stamp duty would lead to a decrease of between 5% and 7% in the number of transactions, yet on this Government’s watch, the stamp duty due on a home valued at £300,000 will have doubled during their time in office.

• 28 Oct 2025 · Stamp Duty Land Tax · Hansard source

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  Stick to the day job.

• 28 Oct 2025 · Stamp Duty Land Tax · Hansard source

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  We built 2.8 million homes since 2010, and a million in the last Parliament. It remains to be seen how many homes this Government will build. Another huge advantage of abolishing stamp duty is that it will generate more transactions, which will benefit more plumbers, electricians, builders, designers, estate agents, surveyors and conveyancers, and allow local economies to thrive. Above all, it will increase the effective supply of housing, and that means a fairer society and a stronger economy.

• 28 Oct 2025 · Stamp Duty Land Tax · Hansard source

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  We will take no lessons from the Labour party when it comes to the mismanagement of our economy. What I have just set out has led to a Chancellor who had a Budget in October last year in which she blew all the headroom and more, rebuilt it in the spring and is now, as we all know, heading into the Budget on 26 November with a gaping black hole that she will have to fill. That is due to economic incompetence and it is causing huge uncertainty. I speak to businesses up and down the country. None of them know what to expect. They are all fearful about the tax rises that are yet to come, and that is down to this Chancellor. The consequence is that we have the highest level of unemployment in four years. We know that every other Labour Government in history have left office with unemployment higher than that it was when they came into office. In the retail, hospitality and leisure sector alone, 90,000 jobs have been destroyed under this Government. Young people are bearing the brunt of these policies. Under the Conservatives, youth unemployment fell by around 45%. Under the last Labour Government, it rose by around the same amount, and this Government are on course to do that too. Young people are particularly affected, because the national insurance changes involve not just an increase in the rate but a reduction in the threshold. That affects young people who are desperate to get their first job and their foot on the career ladder the most.

• 28 Oct 2025 · Stamp Duty Land Tax · Hansard source

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  My hon. Friend is exactly right. The tax does precisely that. It stops people moving to where the work is, to get better jobs and further themselves. Who wants to move to one place and pay stamp duty, and then move to another to pay more stamp duty? It does not add up.

• 28 Oct 2025 · Stamp Duty Land Tax · Hansard source

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  My right hon. Friend is absolutely right. We see that in inflation, which is running at about twice the Bank of England’s target and about twice the rate that this Government inherited from us on the day of the general election. Within that, we see food inflation rocketing up at over 4%, damaging and impoverishing the very people that Labour claims to want to stand up for.

• 28 Oct 2025 · Stamp Duty Land Tax · Hansard source

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  I beg to move, That this House calls on the Government to reduce public expenditure to fund the abolition of stamp duty land tax on primary residences purchased by UK residents, in order to get Britain working, to grow the economy and to give people a stronger stake in their communities through the security of home ownership. There comes a time in the careers of some in this House when they stand too close to the edge, when they play with fire and when they fly too close to the sun. To continue that astronomical metaphor, we have a Chancellor who has truly thrown herself headlong into a colossal black hole entirely of her making. The Chancellor has trashed our economy and she will blame anybody but herself: the Office for Budget Responsibility, the legacy, the Conservative party, Donald Trump, Brexit—whatever it is, as long as it is not herself. However, we on the Conservative Benches know the clear truth. We know exactly what has happened to our economy. We know that we have a Government who, when they were in opposition, said that there was no way they would be putting up taxes left, right and centre, yet within 18 short months had done precisely that, layering up taxes on businesses and destroying growth at the same time as talking down our economy. Then there was the fictitious £22 billion black hole which, ironically, was debunked as not legitimised by the OBR at the behest of the Labour party itself. We know that Labour has borrowed colossal amounts of money and is due to spend around half a trillion pounds more than the plans it inherited. What has been the consequence of that? It has been elevated inflation. We now have the highest inflation in the G7, and the International Monetary Fund tells us that next year we will once again have the highest inflation in the G7. The consequences of that, through monetary policy, are that interest rates will be higher for longer, bearing down on those who have mortgages and on businesses who wish to borrow. Critically, when it comes to our burgeoning national debt, which is soaring under this Government, the costs of servicing that debt are now running at £100 billion a year, rising to £130 billion across this Parliament. That is twice what we spend on defence. Indeed, if the servicing of our debt were a Department of Government, it would be the third largest in Whitehall. None of that money is going on public services. It is simply going to pay off the creditors who are owed money as a consequence of the profligacy of the Labour party.

• 28 Oct 2025 · Stamp Duty Land Tax · Hansard source

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  Speaking of amnesia, would the right hon. Gentleman like to remind the House what the deficit was in 2010, when we first formed a Government?

• 28 Oct 2025 · Stamp Duty Land Tax · Hansard source

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  My hon. Friend is absolutely right. The tax is a blocker on the aspirations of those who are growing their families and simply want to find a home with more bedrooms. Often, they cannot find those homes because empty nesters—those whose children have left home—are not prepared to face the huge, eyewatering stamp duty involved.

• 28 Oct 2025 · Stamp Duty Land Tax · Hansard source

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  I have already apprised the hon. Gentleman of the fact that on his party’s watch, 16,000 high-net-worth people have left the country, to the huge detriment of our economy. We cannot tax our way to growth. We have to abolish this tax across the piece, and that is recognised by think-tanks across the political spectrum. Indeed, the Institute of Economic Affairs says: “Abolishing stamp duty is the single best reform any government could make to Britain’s tax system.” The Resolution Foundation, which may be more to Labour Members’ taste, says of stamp duty that it is “one of the most economically harmful ways of raising revenue”. That is a simple fact.

• 28 Oct 2025 · Stamp Duty Land Tax · Hansard source

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  My hon. Friend is absolutely right. The reasons that we need to abolish this tax include the fact that it stands in the way of younger people getting on to the housing ladder. To use the words of Paul Johnson, it “gums up” the entire system of house purchasing in our country. He said: “It may look like a tax on wealthy people who move house but it also acts to reduce effective supply for everyone.” That includes first-time buyers.

• 28 Oct 2025 · Stamp Duty Land Tax · Hansard source

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  My hon. Friend is absolutely right. As Paul Johnson, formerly of the Institute for Fiscal Studies—I quoted him earlier—says, this tax “also acts to reduce effective supply for everyone” right across every age and every section of the income scale. If only the Parliamentary Secretary to the Treasury, the hon. Member for Swansea West (Torsten Bell)—I see he is not in his place—who is a former director of the Resolution Foundation, could show some backbone and at least agree with his former self and the quote that I read out from the Resolution Foundation. The facts are clear: the Government should support this motion today if they believe in growth, a fairer society and a stronger economy. As we approach the Budget, through a period of great uncertainty, the Chancellor faces a clear choice—a choice between still higher taxes, and controlling spending and getting taxes down; between continued anaemic growth and getting the size of the Government under control; between destroying jobs, and getting people off benefits and into work; and between doing the right thing for our country and simply ducking the challenge. The Opposition know what must be done, even at this late stage, to save our economy. Perhaps even the Chancellor herself knows, deep in her heart, that we are right. Yet is it not the truth that faced with the serried ranks of obstinate delusion arrayed behind her, she is just too weak to act? No plan, no backbone—no wonder that under this Government we are staring into the abyss.

• 28 Oct 2025 · Stamp Duty Land Tax · Hansard source

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  Yes, and I thank my hon. Friend for the excellent work that she has been doing on the Committee, particularly when she chaired it in the last Parliament.

• 28 Oct 2025 · Stamp Duty Land Tax · Hansard source

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  My hon. Friend is absolutely right. I have already set out the estimate from the OBR that a 1% increase in stamp duty means a 5% to 7% reduction in transactions. It is a horrendous and terrible tax, and it remains to be seen whether Labour Members choose to defend it.

• 3 Sept 2025 · Property Taxes · Hansard source

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  If I am an hon. Friend, I will certainly give way.

• 3 Sept 2025 · Property Taxes · Hansard source

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  The hon. Gentleman is entirely right. Of course, if the Government have got into a situation where they are having to scrabble around and look at property taxes, as we are debating this afternoon, than really nothing is safe from the taxman under this Government.

• 3 Sept 2025 · Property Taxes · Hansard source

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  My hon. Friend is absolutely right. We are seeing high inflation, anaemic growth, high gilt yields and a pound that has been plummeting in recent times. All those are signals flashing red on the dashboard. Instead of getting a grip on spending and getting taxes down, the Government have been out there pitch-rolling yet more taxes. Over the summer, we have seen briefings to the press suggesting tax rises on property. The Labour party has an opportunity this afternoon to rule out those possibilities, and the Minister should do just that when he responds. First, there has been a suggestion that there will be changes to the private residence relief under the capital gains tax regime. That would strike at the heart of our country as a property-owning democracy. People would be penalised simply for selling up and moving home. It would have clear implications by bunging up the property market, and clear economic implications by causing friction in the process of people moving from one part of the country to another, often in search of work. It would discourage downsizing, even though that would be beneficial in providing more homes for people to live in. Before the election, the Prime Minister said that there never was a policy of that type so it did not need to be ruled out, but let us rule it out just in case anyone pretends that there was such a policy. When he responds, will the Minister confirm that he stands by the words of the Prime Minister? Secondly, there has been a suggestion of an annual tax on homes. What a tax on aspiration! What a tax on people who have saved hard and managed to get on the property ladder, but who will then be stuck with annual taxes. What about those who are asset-rich but income-poor and cannot afford to pay—are they expected to sell up? Will the Minister rule out that possibility and put people’s minds at rest? If that was not enough, we hear that the Government may be considering changes to the gifting regime in inheritance tax. They are not content just to pulverise farmers and family businesses, and to see those businesses and farms broken up when they are passed on from one generation to another, because of the imposition of tax. In fact, it was a Labour Government in the 1970s who brought in the reliefs that this Government have chosen to abolish. The inheritance tax yield will double over this Parliament. The Opposition say, “Enough is enough.” We should not punish parents who wish to pass something on to their children. Socialists do not understand that we do not all stand as atomised individuals; we work together as families and communities. We care about each other, we care about the people we love, and it is right that we have the opportunity to pass something on to them.