Stamp duty cuts may fuel inflation and help the rich, but it still leaves Labour with a problem 🔵 paulwaugh for ipaperviews
It’s hard not to see Truss’s move as an attempt to cushion homeowners facing mortgage payment hikes by inflating their house prices
Plenty of economists argue that stamp duty is a badly designed, blunt instrument of a tax that blocks both geographic and social mobility. By levying a charge every single time a property is sold, it penalises younger people who want to expand their home, older people who want to downsize and anyone who wants to relocate to another city for work.
That means public money wasted on something that would have happened anyway. When the Resolution Foundation think tank studiedIts researchers found that higher savings accumulated during the crisis, changes in housing preferences , and falls in mortgage rates drove the market. Yet the cut “cost an estimated £4.7 billion in forgone tax revenues.
Of course, a key way to make housing more affordable is to actually build more housing, but Truss and fellow Tory MPs have repeatedly blocked moves to free up our planning system.
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