Stamp Duty changes remain in place

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,…