Opposition Day — The Economy — Top Rate of Income Tax — 4 Mar 2015 at 17:50

The majority of MPs voted to not to increase the top rate of income tax applying to income over £150,000 per year.

The motion rejected by the majority of MPs in this vote was:

• That this House
• rejects this Government’s failing austerity plan set out in the Chancellor’s Autumn Statement which the Office for Budget Responsibility has said will take public spending back to a share of national income not seen since the late 1930s, before the National Health Service came into existence;
• notes that the Institute for Fiscal Studies has said that this would entail cuts on a colossal scale and has raised concerns that this could involve a fundamental reimagining of the role of the state;
• further notes that the Chairman of the Office for Budget Responsibility has said that these spending figures were based on the policy assumption presented by the Chancellor of the Exchequer and signed off by the quad, which consists of the Prime Minister, the Deputy Prime Minister, the Chancellor of the Exchequer and the Chief Secretary to the Treasury; and
• calls on the Government to instead adopt a different, fairer and more balanced approach, which involves sensible reductions in public spending, a reversal of this Government’s £3 billion-a-year top rate of income tax cut for people earning over £150,000 and an economic plan that delivers the sustained rises in living standards needed to boost tax revenues, in order to get the current budget into surplus and national debt as a share of GDP falling as soon as possible in the next Parliament.

Debate in Parliament | Source |