Kemi Badenoch, MP for North West Essex and Leader of the Conservative Party recently transformed Great Dunmow estate agents James and Co., into Kemi and Co. in a bid to urge the Government to adopt the Conservatives’ policy to scrap stamp duty.
New analysis has found that the Conservative policy to scrap it could save families in Uttlesford on average £14,528, and families in Chelmsford £9,164 when moving home. The tens of thousands in savings for families across North West Essex would be funded by £47 billion in cuts to the welfare bill, and other areas of public spending.
Stamp duty is a bad tax that makes the process of purchasing a home more expensive. It stops older people from downsizing and prevents young couples who want to start a family from buying a bigger home.
Research suggests up to 2 million people would consider downsizing in the next five years if stamp duty were abolished. Even if only half of them did, that would mean a million additional homes becoming available to buy, boosting economic activity and the stake people have in our economy – leading to a stronger economy.
Scrapping stamp duty would also give a huge boost to local economies struggling under the weight of Labour’s tax raids. Every house sale brings with it extra income for local businesses – builders, decorators, removal firms and more – with research suggesting the Conservative plans could give a £1.2 billion boost to these companies.
Commenting, Rt Hon Kemi Badenoch MP for North West Essex and Leader of the Conservative Party said:
“Stamp duty is a bad tax. Across North West Essex, it traps young people in their parents’ spare bedroom, growing families in homes too small, and pensioners in homes too big for them.
“Buying a home is a huge milestone, and it shouldn’t come with a massive tax bill. Which is why a future Conservative Government under my leadership will scrap it.”
