Lower taxes for ‘inherently capitalist’ youth

YOUNG people are “inherently capitalist” and the Conservatives should support their “entrepreneurial ambition” by lowering taxes, a Treasury minister has said ahead of the Budget next week.

Bim Afolami, the economic secretary to the Treasury, will use a keynote speech on Wednesday to urge the Conservatives to deliver more opportunities for future generations or risk an “existential” challenge at the general election later this year. Mr Afolami is expected to say: “I think many people in politics make the mistake of assuming that our young people are either woke revolutionaries or red-blooded reactionaries. In fact, they are inherently capitalist – they are commercially minded, entrepreneurial and ambitious.”

Fewer than one in five 25 to 29-yearolds owned a home of their own in 2020, while Yougov polling last week showed that Rishi Sunak’s party was only more popular among those over the age of 65. Labour had a lead of more than 40 percentage points with voters aged 18 to 24 and 25 to 49.

Citing remarks by the Jeremy Hunt, the Chancellor, that low-tax countries have more “dynamic” economies, Mr Afolami will add: “Conservatives know that one of the best ways to help young people get ahead in life is to let them keep more of their own money by lowering tax in a responsible way.”

He will also argue younger generations no longer feel they have “any real stake in society” and the prosperity enjoyed by their parents feels “increasingly out of reach”.

“If we can’t deliver sufficient opportunity for younger people, the Conservative Party faces an existential challenge at the next election.”