Kemi Badenoch, who announced that the next Conservative government would abolish stamp duty on primary residence purchases, made a surprise announcement at the end of her first conference speech as party leader.
She said that abolishing stamp duty, a tax paid by homebuyers in England and Northern Ireland, would “open the doors to a fairer and more aspirational society” and would benefit people of all ages.
Kemi Badenoch has been announcing a succession of new projects. The first, concerning immigration, had announced the removal of all benefits granted to immigrants. Badenoch, who has witnessed ReformUK’s rising vote share in recent months, has generated excitement with her announcement of the stamp duty abolition. This promise has forced a large segment of society to listen to the Conservatives again. The Conservatives, one of the primary causes of the country’s economic crisis and the wave of illegal immigration over the past decade, are making amends with their new promises.
The Labour government has increased stamp duty. Despite all the warnings, Chancellor Rachel Reeves raised stamp duty, perhaps bringing money into the treasury but damaging the property market. Even his own close friend was forced to resign due to the increased stamp duty. Rayner had underpaid £40,000 in tax on a house he bought for £800,000.
The question is: Is Badenoch’s promise simply for the sake of getting elected, or will he actually be able to abolish stamp duty? If so, what resources will he use to replace it?