Oral Answers to Questions

Debate between George Osborne and Andrew Turner

Tuesday 1st December 2015 Commons Chamber

[Mr Osborne]

I welcome the support that the hon. Lady gives; of course, the problems of getting on to the housing ladder are particularly acute for first-time buyers in London. In the summer Budget, we announced changes to mortgage tax relief for the buy-to-let market so that those on higher rates of tax, with larger incomes, will see that relief scaled back over the coming years. What we have set out now, with the extra stamp duty and the changes in the summer Budget, represents a fair and balanced package for homeowners—those buying a buy-to-let property, but above all those buying their first home.

[Mr Andrew Turner (Isle of Wight) (Con)]

Will the Chancellor explain how first-time homebuyers will benefit from his blueprint “A better deal”—what the Daily Mail calls a “blitz on rip-off” monopolies?

[Mr Osborne]

I am glad that my hon. Friend has read the document. Part of what we are doing is making sure that mortgage fees are more transparent. Alongside that, we are ensuring that utility bills are more competitive for families and cutting the electricity tariffs that we talked about earlier. We are also making sure that people can get a better deal from their water company. This is all part of driving down costs for families and helping the working people of Britain.