Kemi Badenoch has announced plans to eliminate Stamp Duty in an effort to bring attention back to her struggling political party at the Conservative conference.
The Conservative leader aimed to inject energy into the lackluster conference with a bold speech highlighting the party’s efforts to undo the damage accumulated during their 14 years in power.
Her surprise proposal was to abolish Stamp Duty, labeling it a detrimental tax that hampers the housing market’s growth.
Addressing Conservative supporters in Manchester, Badenoch emphasized the necessity to free up the housing market, stating that a society where homeownership is unattainable stifles social mobility.
However, it was clarified later that the elimination of Stamp Duty would apply solely to primary residences, excluding second homes, properties purchased by businesses, and overseas buyers.
The reform is expected to benefit buyers of high-value properties the most, as Stamp Duty is waived for homes valued up to £125,000, with the exemption decreasing as property prices rise.
First-time homebuyers are exempt from paying Stamp Duty if their property costs less than £300,000.
The Conservative Party estimates the initiative would incur an annual cost of around £9 billion, to be offset by £47 billion in spending reductions across welfare, foreign aid, and the civil service. Yet, economists have cautioned that the proposed cuts lack clarity and are challenging to evaluate.
The announcement marked the conclusion of a speech brimming with policy proposals as Badenoch aimed to boost her party’s declining poll ratings.
She criticized the Labour Party and asserted that only the Conservatives could rescue the nation from the economic and border security vulnerabilities that existed under previous administrations.
Badenoch vowed to reverse several Labour policies, such as ending tax advantages for private schools and altering inheritance tax rules for farms, which she portrayed as benefiting the affluent.
She also outlined stringent proposals for mass deportations, withdrawal from the European Convention on Human Rights, repeal of the Climate Change Act, and a ban on doctors’ strikes.
While briefly acknowledging Nigel Farage, whose Reform Party has been attracting Conservative supporters, Badenoch accused him of adopting similar financial strategies as Jeremy Corbyn and Sir Ed Davey, following Liz Truss’s tax reduction measures.
Warning against unsustainable spending promises, Badenoch emphasized the need for responsible governance, quoting George Bernard Shaw to highlight the futility of engaging in futile confrontations.
In response, Anna Turley MP, Chair of the Labour Party, criticized Badenoch’s denial of the Conservative Party’s past failings and their refusal to acknowledge the repercussions of their governance.
Liberal Democrat leader Sir Ed Davey positioned himself as a moderate alternative for Conservatives disenchanted with Badenoch’s right-leaning policies, criticizing her stance on vital issues like climate action and human rights.
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