STORY
Prime Minister Andy Burnham has ruled out changes to stamp duty at the Government’s next Budget, despite calls from some economists for the tax to be reformed or abolished. He said the Government would instead concentrate on making the wider tax system fairer.
Stamp duty raised £16.6 billion in the most recent financial year. Critics of the tax argue that it can discourage people from moving home and reduce mobility in the labour market.
Burnham said there could be modest tax increases to meet spending pressures, including costs linked to an ageing population and higher defence expenditure. Labour’s 2024 manifesto ruled out increases to income tax, National Insurance and VAT.