Stamp Duty Land Tax

Bob Blackman Excerpts

Tuesday 28th October 2025 Commons Chamber

[Sir Mel Stride]

I have already apprised the hon. Gentleman of the fact that on his party’s watch, 16,000 high-net-worth people have left the country, to the huge detriment of our economy. We cannot tax our way to growth. We have to abolish this tax across the piece, and that is recognised by think-tanks across the political spectrum. Indeed, the Institute of Economic Affairs says:

“Abolishing stamp duty is the single best reform any government could make to Britain’s tax system.”

The Resolution Foundation, which may be more to Labour Members’ taste, says of stamp duty that it is

“one of the most economically harmful ways of raising revenue”.

That is a simple fact.

[Bob Blackman (Harrow East) (Con)]

Does my right hon. Friend the shadow Chancellor accept that the housing market is virtually stagnant? It is moribund. The houses and flats that we want in this country are not being built, and one of the barriers is that the cost of stamp duty is so high that individuals do not want to pay it.

[Sir Mel Stride]

My hon. Friend is absolutely right. I have already set out the estimate from the OBR that a 1% increase in stamp duty means a 5% to 7% reduction in transactions. It is a horrendous and terrible tax, and it remains to be seen whether Labour Members choose to defend it.