Sajid Javid has hinted that he could cut inheritance tax, saying “it's something that's on my mind”. Speaking at a Conservative conference event, the chancellor added that there was “a real issue” around inheritance tax.

Estates worth more than £325,000 are liable for the tax at 40%, except when the deceased leaves everything above the threshold to their spouse. Fewer than 25,000 estates are liable for the tax each year - equating to less than 5% of all deaths.

Appearing at a Conservative conference fringe event organised by the Institute of Economic Affairs and the Taxpayers' Alliance, Javid was asked if he would scrap inheritance tax. He replied that “sensible reforms” had already been made adding: “I shouldn't say too much now but I understand the arguments against that tax. You pay taxes already through work or through investments and your capital gains in other taxes, there is a real issue with then asking them to, on that income, to pay taxes all over again.”