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Wealth

Treasury written question – answered on 5th September 2019.

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Photo of John Hayes John Hayes Conservative, South Holland and The Deepings

To ask the Chancellor of the Exchequer, what steps he is taking to narrow wealth differentials between the richest and poorest (a) individuals, (b) regions, (c) counties and (d) constituencies.

Photo of Rishi Sunak Rishi Sunak The Chief Secretary to the Treasury

Addressing inequalities is an important consideration for this Government, and steps have already been taken to ensure those with the broadest shoulders bear the greatest burden. That is why we have introduced reforms to dividend taxation and capital gains tax, and ended permanent non-domicile status – to ensure the rich pay their fair share. This has led to the top 1% of income taxpayers paying 29% of income tax – a record high.

This Government is also committed to ensuring opportunities are shared in every part of the country. People across all regions are benefitting from investments the Government is making. For example, since 2015, £12bn from the Local Growth Fund has been provided to local enterprise partnerships for projects that benefit the local area and economy. In addition to this, our new £3.6 billion Towns Fund will level up opportunity and create places across the UK where people want to live and thrive – supporting an initial 100 towns.

By supporting all places to reach their potential, we can drive growth at a national level and readily share the benefits of a more prosperous United Kingdom.

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