Economic Update

Part of the debate – in the House of Commons at 1:03 pm on 8th July 2020.

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Photo of Beth Winter Beth Winter Labour, Cynon Valley 1:03 pm, 8th July 2020

Richard Murphy, a professor of political economy at City University in London, says that the Government have the potential to raise £174 billion a year if wealth was taxed at the same rate as income. That could cover the cost of the job retention scheme for over 12 months, according to the latest estimates from the Office for Budget Responsibility. Does the Chancellor believe that the time is right for a radical overhaul of our taxation system in order to fulfil the Prime Minister’s levelling-up promise, or is the truth that we are not really “all in this together”?