Mr Gove has encouraged Mr Sunak to make a 'bold move' on housing.
The result?
The autumn statement will include a proposal to increase the stamp duty level from £250,000 to £300,000....what a puny effort to inject energy into the housing market.
This is all he can afford. Had he been a bit more careful in splashing out £70 billion during COVID and £70 billion on HS2 link there might be greater scope for real tax cuts.
This government revels in wasting our money.
The Dame plans to move from her 15-bedroom penthouse in the poorer part of Holland Park to a more compact bijou residence in Knightsbridge: she can't. The stamp duty would hit her too hard. Maybe the Dame's example is too extreme but a proper cut in stamp duty would encourage sensible downsizing.
Another initiative which will blow back in all our faces is the move to drive out non-doms.
Non-doms contribute a huge amount to the dynamism of the UK economy.
Driving them into the arms of competitor economies sounds even more daft.
I rarely disagree with the Dame, but the argument that non doms must be bribed to stay in the UK is unacceptable.
ReplyDeleteAn acquaintance has a modest 1 bed flat for sale in N. Kensington, for an equally modest in RBKC: £500,000.
But it won't sell. Foxton etc all say it's because only £2.5million+ flats currently sell.
At a time of heartbreaking levels of lack of housing, only the wealthiest can afford even a 1 bed flat. Affordable homes are needed; not tax breaks for the rich.