Stamp Duty changes remain in place
Almost all mini-budget tax changes have been reversed but stamp duty changes remain intact. Full statement to be delivered in the House of Commons this afternoon.
Changes to Stamp Duty will remain in place – although some two out of three tax cuts promised in September’s mini-budget have been rolled back,
In a video statement this morning new chancellor Jeremy Hunt made a desperate bid to calm markets and said some £32billion of promised tax cuts would no longer go ahead.
REMAIN
As expected, cuts to National Insurance and Stamp Duty that have already passed through Parliament remain in place.
Hunt said the Government’s support on consumer energy bills would also be scaled back from April.
The proposed income tax cut to 19p has been shelved indefinitely.
Further cuts to government spending are also due to be announced this month.
The cap on energy bills is also guaranteed until April next year but will be reviewed at that point.
CONFIDENCE
Hunt says his announcement is designed to deliver confidence and stability.
He said: “As I promised at the weekend, our priority in making the difficult decisions that lie ahead will always be the most vulnerable and I remain extremely confident about the UK’s long-term economic prospects as we deliver our mission to go for growth”
Sterling rose on the news and extended gains against the dollar, at the time of writing was trading at $1.13. The interest rate on UK government bonds also fell.
Hunt will address MP’s in the House of Commons this afternoon at 15:30.
PICS: BBC NEWS
Speaking from own experience the past two to three weeks have seen a major decrease in activity, not only in new instructions but also buyers too.
Not saying the stamp duty cuts does not help of course they do but the effect is minimal and hasn’t had any effect in my opinion what so ever
Speaking as a layman, surely above everything else, isn’t it absolutely vital to keep the housing market buoyant? Would it have not been better to scrap it altogether for at least six months to help keep the property market alive? No housing market no flourishing economy the two go hand in hand.
Please stop tinkering with the engine that that has no effect, grab the bull by the horns and try to save the housing market, if it’s not too late already! Only my opinion but I expect it’s shared by many colleagues in the industry