Tories to spend cash saved on asylum hotels to cut Stamp Duty
Shadow Housing Secretary James Cleverly says his party would also use savings from welfare cuts to help scrap Stamp Duty.
Tory heavyweight James Cleverly (main picture) says the party will use money saved by ending the use of ‘asylum hotels’ to help pay for scrapping Stamp Duty.
Cleverly, who is Shadow Housing Secretary and due to speak at The Negotiator Conference on 28th November, also promises to use cash from welfare cuts and civil service savings to finance the move.
Surprise announcement
Conservative Leader Kemi Badenoch made the surprise announcement on Stamp Duty in her speech to the party conference earlier this month.
The party says the policy will only relate to primary residences irrespective of the price, not to second homes or buy-to-let properties. And it would cost an estimated £9 billion, it is reported.
“Abolishing Stamp Duty would release millions of such homes back into the market, helping the young while respecting the older generation,” Cleverly says in an article on ConservativeHome website.
Around 2.8 million older homeowners say they’d downsize if Stamp Duty were scrapped.”
“Around 2.8 million older homeowners say they’d downsize if this levy were scrapped, family homes put back on the market. A lifeline for young people desperate to buy their first. A good policy can serve both generations at once.
“Across Britain, people turn down promotions or better jobs because they can’t afford to move. Businesses can’t fill vacancies because workers can’t relocate. Stamp Duty freezes opportunity,” he says.
“Unlike Labour and Reform, the Conservatives have set out exactly how this policy will be paid for. Welfare reform, civil service savings, and ending the use of asylum hotels.”
