- Former Conservative Treasury minister Lord O'Neill of Gatley has warned Prime Minister Andy Burnham that raising capital gains tax in the upcoming Budget would be a "stupid" decision.
- Lord O'Neill argued that higher tax rates would deter business owners from selling assets or encourage them to move money abroad, ultimately reducing Treasury revenues.
- The crossbench peer praised Burnham for creating a positive atmosphere since taking office, but warned that hard economic choices lie ahead when Parliament returns.
- Lord O'Neill urged the government to reconsider its promise of "growth in every postcode" and focus economic efforts on London and major regional hubs instead.
- He revealed that he declined a role as the Prime Minister's economic adviser because he was unwilling to take the Labour whip or place his business interests into a blind trust.
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