Labour is opposed to cutting inheritance tax while there is a cost of living crisis, according to the party’s Shadow Financial secretary to the Treasury.
James Murray MP told GB News: “We just don’t think that a cut to inheritance tax is the right priority at this time during a cost of living crisis.
“It should not be a priority in the middle of a cost of living crisis to have a tax cut which is focused on the top 4%. And by the way, the Government hadn’t even said how they would pay for this.
“These are all these rumours flying around. We saw what happened last year under Liz Truss and Kwasi Kwarteng, when tax cuts were made without being funded, it sent the economy into a tailspin and people are still paying the price for that.”
James Murray MP speaks with Eamonn and Isabel on GB News’ Breakfast
In a discussion during Breakfast with Eamonn Holmes and Isabel Webster, he continued: “If we were in government, we would be absolutely focused on tackling the cost of living crisis and getting the economy growing, to make people across Britain better off.
“There are some really important things that we would do if we were in government right now, in terms of investing in clean energy, insulating people’s homes to bring down bills, in terms of reforming planning to make sure we’re building homes to make housing more affordable and, crucially, getting NHS waiting lists down both to help people directly and also to help the economy by helping people to get back into work.
“So there’s so much the government should be doing to help tackle the cost of living crisis and make people better off.”
He added: “We as the opposition will be providing our response and these are still rumours about inheritance tax cuts, but if they are true, we are very clear right now we will not be supporting it because that should not be the priority for the Government.”