Stamp Duty Land Tax (Temporary Relief) Bill

Antony Higginbotham Excerpts

2nd reading & 2nd reading: House of Commons
Monday 13th July 2020 Commons Chamber

[Antony Higginbotham (Burnley) (Con)]

Throughout the coronavirus pandemic, this Government have been committed to protecting people’s livelihoods, whether the help was to workers, the self-employed or businesses large and small. In my constituency, we have all appreciated that support. Today’s debate on changes to stamp duty is about yet another measure that the Government are taking to ensure that as we start to recover, people up and down the country are given the confidence they need to get things back up and running.

The housing market is vital to the UK’s prosperity, and I wholeheartedly welcome the plan to temporarily increase the threshold. For my constituents who want to buy a house, be that in urban Burnley or Padiham, or rural Worsthorne or Cliviger, that means a saving of hundreds of pounds on a semi-detached property, or thousands of pounds on a detached property. That means more money in the pocket of the hard-working families across my constituency who are looking to upsize as their family grows, taking almost every house purchase in Burnley out of the stamp duty bracket completely. If ever there was a time to ensure that people keep more of the money they earn, now is it. We have always been the party of opportunity, aspiration and low taxation. Through this measure, we deliver on all three, protecting jobs in the process.

Over recent years, we have been tackling the issue of housing supply through schemes designed on the Government side of the House, including Help to Buy and through reform of the planning system, but this crisis has brought a new challenge—a challenge of demand. House sales have plummeted rapidly, and it is clear from this Bill that the Government are committed to taking action. It will give homebuyers the confidence to buy again.

The challenge of supply remains. The laws of economics say that that will remain the case unless action is taken. Only by getting buyers buying again will we get our builders building again, our roofers roofing again, our electricians electrifying again and our joiners joining again. Getting people back to work. is what “jobs, jobs, jobs” means—getting people back to work by stimulating the economy. For that reason, I will support this tax cut and the Bill.