Chris Philp was left outraged after a radical inheritance tax overhaul to solve the UK’s national debt problem was put to him.
The Tory minister appeared on LBC on Wednesday night alongside journalist Oli Dugmore.
During a discussion on how Britain can address the debt pile looming over all government policy, Dugmore suggested a “punishing inheritance tax.”
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He proposed that 100% of everything over £10m is “returned to the state”, prompting bemusement from host Iain Dale.
A stunned Philp then interjected, claiming such a “genius idea” would prompt every super-rich individual with more than £10m to leave the country, asking if Dugmore was “literally insane.”
“Let them,” was the short response from Dugmore, who reasonably argued that an inheritance of £10m for each of a person’s children is “quite enough.”
He continued: “If as a good Tory like yourself Chris, which I believe you are, believe in a meritocratic society, you should support it too.”
When Philp continued to claim those with more than £10m would ‘flee’ the UK under such a policy, Dugmore asked where they would go to, and questioned whether ties to the UK such as language and schooling would not be more important to these super wealthy individuals.
Sharing the clip on X, Dugmore pointed out that Philp’s outrage highlighted a hypocrisy within the Tory Party.
He wrote: “Conservative politicians like to say they believe in meritocracy but if you suggest that £10m per child might be an adequate inheritance they call you insane.”
He also highlighted how the great capitalist himself Warren Buffet has previously called for estate tax and said he doesn’t believe in “dynastic wealth.”