Stamp duty cut is a £1.3bn bung for second home owners and landlords

Robert Jenrick: he has an opportunity to do the right thing for a change. Does anybody honestly think he’ll take it?

This Site said it yesterday and now the Labour Party has confirmed it: Rishi Sunak’s stamp duty cut is a bung for rich second home owners and landlords.

I said the cut might be a good idea if it helps people buy houses and boosts construction – but according to Labour, buyers of buy-to-let properties, holiday homes and other second homes will benefit.

In 2019/20, 34 per cent of homes bought were second properties, meaning this is a bung to second home owners costing taxpayers £1.3 billion.

Labour has called for the government to exclude second properties from this cut – arguing that this could fund a gap in local councils’ finances which the Local Government Association predicts will be £1.2 billion by the end of the year.

It’s just a shame that the government minister responsible is Robert Jenrick, who does not have a reputation for doing the right thing.

Here’s Labour’s Thangam Debonnaire:

“It is unacceptable that the Chancellor tried to sneak out this huge bung to second home owners and landlords while millions of people are desperate for support. He should be targeting support to those who need it, not helping people invest in buy-to-let properties and holiday homes.

“An unnecessary subsidy for second home-owners will only worsen the housing crisis by reducing the supply of homes overall.”

It’s a good point – but will our unaccountable Tory government take it?

Source: Revealed: Sunak’s secret £1bn giveaway to second home owners and landlords – The Labour Party

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One Comment

  1. kateuk July 10, 2020 at 11:06 am - Reply

    All they want to do is help their mates in the construction industry, they don’t care about ordinary people.

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