Shadow Chancellor Andrew Griffith stated that he aims to eliminate at least one tax in each budget if the Conservative Party regains power, focusing on the proposed 'mansion tax.' Speaking at the party's conference in Birmingham, Griffith emphasized that his goal of 'lower, simpler and fairer taxes' would be pursued 'only when we can afford to do so.' He also mentioned plans to abolish the High Value Council Tax Surcharge (HVCTS), which is set to be implemented in 2028 and targets properties in England valued over £2 million.
Griffith criticized the Labour Party, stating that the Conservatives 'completely failed at every turn' to stimulate economic growth during their 14 years in power. Following their defeat in the 2024 general election, the Conservatives are working to regain voter trust.
During his speech, Griffith remarked, 'No country in history has ever taxed its way to prosperity,' asserting that tax cuts would be contingent on financial feasibility and would adhere to the party's 'golden economic rule.' This rule stipulates that at least half of all savings identified should go towards deficit reduction, with the remainder allocated to tax cuts and pro-growth initiatives.
Griffith compared his approach to that of former Chancellor Nigel Lawson, stating, 'It's my ambition to scrap at least one tax every budget.' He highlighted the importance of tax cuts that promote growth, improve work incentives, and simplify the tax system.
The Extended Packaging Responsibility (EPR) scheme, which mandates that companies bear the costs associated with the collection, recycling, and disposal of their packaging, would also be eliminated under Conservative leadership. Griffith indicated a shift in direction under Kemi Badenoch's leadership, criticizing the EPR as a policy consistent with the 'old Conservative Party.'
He described the HVCTS as an 'anti-growth tax' that would disrupt the housing market and discourage home improvements. In response to questions about the pensions triple lock, Griffith confirmed, 'We are going to keep it,' despite previous criticisms of its fairness.
Griffith and other shadow ministers outlined additional policies aimed at facilitating business operations and enhancing economic growth, which include repealing certain environmental and energy efficiency regulations. He also expressed support for a third runway at Heathrow Airport, a project previously abandoned by the Conservative-led coalition government in 2010.
The Conservatives propose a unified levy for developers to replace the current section 106 agreements and Community Infrastructure Levy, which fund community projects during building developments. The party has criticized the roles of Natural England and the Environment Agency regarding housing and flood prevention, advocating for their functions to be managed by the Department for the Environment, Food and Rural Affairs (Defra).
Mike Clancy, general secretary of Prospect, a union representing members in Natural England and the Environment Agency, argued that budget cuts have hindered these regulators' abilities to perform essential functions, suggesting that restoring adequate funding is necessary rather than eliminating vital safeguards.
Liberal Democrat deputy leader Daisy Cooper accused the Conservatives of being 'anti-growth' and 'anti-business' by rejecting closer ties with Europe. Labour Party chairwoman Bridget Phillipson criticized the Conservatives for failing to grow the economy during their time in government.
Chancellor John Healey stated that the government's promises would be based on 'fiscal discipline,' and the upcoming Budget on October 28 would provide families and businesses with some relief. Reform UK economy spokesman Robert Jenrick claimed that the Conservatives are merely replicating their policies, while Green Party MP Ellie Chowns criticized the proposal to remove regulations that ensure affordable housing and community infrastructure, labeling it a 'gift to developers.'