Treasury minister Andrew Griffith told the Tory conference he wants to see inheritance tax abolished as he urged the party to be ‘politically brave’
- Treasury minister reveals he wants inheritance tax to be ‘abolished’
- Andrew Griffith uses Tory conference event to urge party to be ‘politically brave’
- Party donor Lord Spencer also calls inheritance tax ‘deeply unpopular’
Treasury Minister Andrew Griffith revealed his wish to abolish inheritance tax as he urged the Tories to be “politically brave”.
The former businessman, who is now Financial Secretary to the Treasury and Minister for the City, told a Conservative conference he would like to see inheritance tax ‘eliminated’.
His view was backed by Lord Spencer, one of the party’s main donors, who called inheritance tax “deeply unpopular”.
The Tory peer also claimed the levy was driving many of Britain’s wealthiest abroad.
Speaking at the Birmingham event organized by the Center for Policy Studies think tank, Mr Griffith admitted he “shouldn’t talk about tax policy”, even as Treasury minister.
“I shouldn’t talk about tax policy. It’s outside my swim lane, even within the Treasury,” he said.
“But I have a lot of my fantastic local association with me here and they will know, because they asked me at my selection meeting 27 months ago, what tax – if I had the choice – I would like the no longer see eliminated.
“And history will remember that it was inheritance tax.”
Treasury Minister Andrew Griffith told a Tory conference he would like to see inheritance tax ‘eliminated’
Lord Spencer, a top Tory donor, has also called inheritance tax ‘deeply unpopular’
Mr Griffith and Lord Spencer both spoke at an event in Birmingham organized by the Center for Policy Studies think tank
Mr Griffith also used the event to voice his belief that the Tories should ‘celebrate wealth creation and risk taking’ and ‘drive that through the system’.
He also urged ‘fantastic’ Liz Truss to continue to be ‘politically brave’ even after her stint as prime minister got off to a rocky start with a chaotic U-turn on the scrapping of the city’s tax rate. 45p.
“I celebrate wealth creation and risk taking. We need to build that into the system,” Griffith added.
“It cannot be fair that the only time a businessman is at the BBC is because he is greedy, underpays his staff or exploits consumers.
‘That’s not true, there’s another story to tell. The answer is that we – and that is why our new Prime Minister is so fantastic – have to be politically brave and have the courage of our convictions to make these arguments.
“I’m an admissions MP in 2019 and not enough of us are advocating for the basic tenets of why this is so important.”
Speaking at the same event, Lord Spencer – who donated £25,000 to Ms Truss’s leadership campaign this summer – noted that the Tories had previously promised to scrap inheritance tax for almost all households when they were in opposition in 2007.
“My view is that inheritance tax is actually deeply unpopular – better called death tax, so it has better political language,” he said.
“I would be terribly delighted if our country, our government considered this again.
“Particularly in economic terms, because that means you actually keep the capital in your own country.
“I know quite a few people who have made huge sums of money and unfortunately very, very many of them have moved their tax domicile overseas.
“That’s one of the main reasons and I think it’s a sad loss for the UK.”