The final article in our series argues that while the primary focus should be deficit reduction, there may yet be room to make life a bit easier, particularly for the poorest.
The second piece in our series on reducing taxes also argues that in the longer term we should seek to return to a two-rate Income Tax system.
After our recent series asked ‘What should Tories tax?’, the Adam Smith Institute’s Head of Research kicks off a new mini-series seeking routes to lower taxes.
A Council Tax revaluation, and higher bands for higher value properties, would be an acceptable price to pay in return for the abolition of Stamp Duty, too.
The Chancellor has not suddenly changed who he is; he has carefully analysed the issues we face and plotted out a course of action to build a Britain fit for the future.
Plus: We need a Housing Minister who will do for new homes what Michael Heseltine did with development corporations in the 1980s.
The lack of a Conservative Commons majority prevented the Chancellor from doing much more than playing it safe – which he did effectively.
It continues to clear the deficit, prepare for Brexit, and back our businesses with the support they need to boost productivity.
Hammond’s plan – from abolishing Stamp Duty for most first-time buyers, through to reforms to help Universal Credit recipients.
“A temporary stamp duty holiday would only help those who are ready to purchase now and would offer nothing for the many who will need to save for years.”
Given the resistance of Tory MPs to spending cuts and tax rises, Hammond’s easiest course would be to push any into the future. But this wouldn’t be problem-free…
My TV omnipresence. After The News. Two wheezes from the Chancellor. Will he be fired in a reshuffle? Oh, and p.s: it could take place on Monday.
Targeting stamp duty and tuition fees could be less effective than technical education and the right industrial policy.
This proposal already has considerable support from institutions, including the Yorkshire Building Society, who have published research into the benefits this change would bring.
The Government could make it much easier for older people to downsize by providing a Stamp Duty exemption.