Oliver Dowden says tax minimize for rich rewards exhausting work

Tory MP Oliver Dowden has defended Jeremy Hunt’s price range for disproportionally benefitting the wealthiest, whereas providing nothing to hard-pressed public sector staff throughout the price of residing disaster.

Dowden claimed that the tax cuts included within the price range for the wealthiest in society reward exhausting work.

Hunt set out his price range final week, the place he introduced a tax minimize for individuals with pension pots price greater than £1 million.

The federal government says that the coverage goals to stop high-earners like docs leaving the workforce as soon as they’ve greater than £1 million of their retirement funds. Persons are anticipated to have the ability to save as much as £1.8m over a lifetime, up from £1.07m at present.

Nevertheless, critics say that the coverage advantages solely the rich. Individuals with greater than £1.4 million of their pension pot are in a position to pay as much as £150,000 much less in tax.

Dowden defended the tax minimize at a time when peculiar individuals proceed to battle, telling the BBC: “We’ve taken this motion and the consequence of it’s we’ll have extra senior public sector staff working within the public sector, serving to ship on our core priorities, whether or not that’s reducing the ready record, as a result of we’ll have extra consultants, whether or not that’s getting crime beneath management.”

Requested concerning the declare that the tax minimize disproportionately advantages the rich, Dowden stated: “I feel it’s a primary, respectable precept that if individuals work exhausting, they need to be capable to lower your expenses and make investments for his or her retirement.”

Dowden clearly isn’t bothered concerning the public sector staff who work exhausting however who’ve had their pay minimize in actual phrases as inflation soars, inequality grows and poverty reaches report ranges.

Basit Mahmood is editor of Left Foot Ahead

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