Kemi Badenoch announced plans to eliminate Stamp Duty in an effort to redirect attention to her struggling party. The Conservative leader delivered a bold speech at a lackluster party conference, emphasizing the Tories’ commitment to rectifying the damage caused during their 14-year tenure.
During her address in Manchester, Badenoch criticized Stamp Duty as a detrimental tax hindering the housing market’s efficiency. She highlighted the necessity to boost housing market liquidity to promote social mobility.
Although Stamp Duty would be scrapped for primary residences, it would still be applicable to second homes, properties purchased by businesses, and overseas buyers. The elimination of Stamp Duty would predominantly benefit buyers of high-value properties, as no tax is levied on homes valued up to £125,000.
First-time homebuyers are exempt from paying Stamp Duty if their property costs less than £300,000. The Conservative Party estimates the annual cost of this initiative to be around £9 billion, with funding sourced from £47 billion in proposed spending reductions in welfare, foreign aid, and the civil service. However, economists have expressed concerns over the ambiguous nature of these planned cuts.
Badenoch’s speech was brimming with policy proposals as she endeavored to boost her party’s dismal poll standings. She criticized Labour and advocated for Tory intervention to counteract the country’s decline due to what she referred to as a weak economy and porous borders during their past governance.
The Conservative leader outlined plans to reverse several Labour policies, such as revoking tax breaks for private schools and altering inheritance tax regulations to benefit the affluent. Additionally, she presented stringent promises on mass deportations, withdrawing from the European Convention on Human Rights, abolishing the Climate Change Act, and prohibiting doctors from striking.
In a subtle reference to Nigel Farage’s Reform Party, Badenoch accused him of exploiting financial resources akin to Jeremy Corbyn and Sir Ed Davey, emphasizing her party’s fiscal responsibility. She underscored the importance of Conservative leadership to safeguard the nation’s economic stability.
Anna Turley, Chair of the Labour Party, criticized Badenoch for denying the Tories’ historical failures and their reluctance to acknowledge past governance shortcomings. Meanwhile, Lib Dem leader Sir Ed Davey urged moderate Conservatives disillusioned by the party’s rightward shift to distance themselves from Badenoch, citing her divergence from traditional British values.