Stamp Duty Cut ‘The Real Prize’ of Next Budget
2 March 2024
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In the Media
In the Media
Housing and Planning
Tom Clougherty quoted in The Express
IEA Executive Director Tom Clougherty has been quoted in The Daily Express commenting on the upcoming Budget.
Tom pointed out that economic growth has declined for seven consecutive quarters and said:
“This is a disaster for living standards and ought to be the Government’s primary focus at the Budget. If there is fiscal headroom for tax cuts, priority should be given to reforms that could have a meaningful growth effect,” he added.
“The Chancellor could make some helpful changes to corporation tax and business rates at limited cost to the Exchequer.
“The real prize, though, would be the abolition of stamp duties. There would be a fiscal hit from abolishing Stamp Duty Land Tax, but the distortions it causes in a tight housing market are so destructive that the cost is clearly worth bearing.”
Read the full article here.
Read Tom’s full comment (which was also quoted in MSN) here.
Tom pointed out that economic growth has declined for seven consecutive quarters and said:
“This is a disaster for living standards and ought to be the Government’s primary focus at the Budget. If there is fiscal headroom for tax cuts, priority should be given to reforms that could have a meaningful growth effect,” he added.
“The Chancellor could make some helpful changes to corporation tax and business rates at limited cost to the Exchequer.
“The real prize, though, would be the abolition of stamp duties. There would be a fiscal hit from abolishing Stamp Duty Land Tax, but the distortions it causes in a tight housing market are so destructive that the cost is clearly worth bearing.”
Read the full article here.
Read Tom’s full comment (which was also quoted in MSN) here.
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