Slashing stamp duty would transform UK economy, says James Cleverly | Politics | News

It is becoming increasingly difficult for young people to get on the housing ladder. Due to high prices, high mortgage rates and a host of high taxes, an entire generation is stuck renting. This doesn’t help any of us. It becomes difficult to form communities when people are not safe in the long term.

As a Conservative I cannot accept this. Ambition is at the heart of Conservatism. So is society. We believe people who work hard, save money, and support their communities deserve a chance to get ahead in life. Owning a home forms the basis of this belief. But this Labor Government continues to put obstacles in our way.

They removed the high thresholds we introduced at the beginning of this year. By doing this, they forced thousands more first-time shoppers to pay stamp duty.

Stamp duty is essentially a non-Conservative tax. It stops people moving and blocks the housing market. That’s why when I ran for the Conservative leadership I called for stamp duty to be abolished.

I’m glad but not surprised that Kemi has decided to make this an important part of our government plans. Getting rid of stamp duty will not only help people buy and sell, it will also give a tremendous boost to small businesses at the heart of our communities and help build a stronger economy.

Every time a house sells, a positive chain reaction is triggered—pickers, decorators, builders.

New owners purchase furniture, appliances and household goods, and these expenses are often incurred at local businesses. Our analysis shows that removing stamp duty could save local businesses £1.2bn.

The analysis shows that the average cost of moving home for a first-time homebuyer is £6,506. When combined with additional expenses such as new furniture, painting and decoration, this figure could rise to over £16,000 and provide a significant financial boost to local businesses.

But after Rachel Reeves’ tax grab, and with prices still rising, these businesses can actually provide that kind of support. Conservatives know that when people move, spend and invest, the entire economy benefits.

Labor just wants to tax more, but we want to support working people and the businesses that keep Britain moving forward.

However, stamp duty prevents this. It forces people to stay put and shelve plans to buy and model their dream homes, putting their futures on hold indefinitely.

Research by real estate agents shows that 2.8 million people will consider downsizing in the next five years if stamp duty is abolished or reduced. This will free up a large amount of housing without even a single new brick being laid.

But Reeves seems to want the opposite; More people can’t sell their homes and move into smaller homes because of taxes.

That’s Labor for you; Their instinct is always to take more of your money and surround you with bureaucratic processes. The party’s weak leadership lacks the backbone to meet the high tax demands of those from a leftist background.

All the statistics coming out of our economy are dire. Inflation is increasing, unemployment is increasing, debt is rising, there is no growth.

But Labor think they can solve this problem by getting ordinary people to pay more, even though many people are already struggling.

Of course, abolishing stamp duty is not a magic wand. We also need to make other changes in our housing market and most importantly we need to build new homes. Immigration has added huge pressures to the housing stock and we cannot ignore it.

But our plan to abolish stamp duty shows we are ready to make the serious, radical decisions needed to help ordinary families across the country achieve their ambitions and get Britain growing again.

Labor is too weak to do something this bold. It is clear that we are the only party that has the plan and the team to deliver a stronger economy.

As part of this plan, we have launched a new campaign – Scrap Stamp Duty Now – with Kemi Badenoch calling on Rachel Reeves to put the national interest first and copy our policy to scrap it in the November Budget. We have started a signature campaign that you can add

your name: conservatives.com/scrap-stamp-duty

If you want to work hard, be successful and provide for your family, we Conservatives are here for you.