Conservatives Propose Bold Economic Move: Abolish Stamp Duty on Homes and Shares
The Conservative Party, led by Kemi Badenoch, has proposed a bold economic move. They plan to abolish stamp duty entirely on primary residences. This could significantly boost the housing market and encourage more people to move.
The party's proposal aims to tackle the issue of over 800,000 households shelving their moving plans due to stamp duty, as per the Homeowners Alliance. Blake Stephenson, MP for Mid Bedfordshire, supports this move.
The Conservatives also intend to offset the housing stamp duty cut through £47bn in spending reductions by 2029. This is in addition to their plan to abolish stamp duty on all share transactions, which could cost around £3.5bn annually but could have long-term gains in investment and innovation. The UK is one of the few major economies that still taxes share purchases, nudging investors towards private markets or overseas exchanges.
The Conservative Party's proposal to abolish stamp duty on primary residences and share transactions could stimulate the UK economy. It aims to boost the housing market, encourage movement, and attract more investment. However, the long-term effects and the feasibility of offsetting the costs remain to be seen.
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