Stamp duty could be temporary scraped to improve housing market on 100 Mortgages

Stamp duty could be temporary scraped to improve housing market

Alistair Darling, the Chancellor in an interview with BBC Radio 4’s Today program stated that he will be increasing measures to combat the flagging housing market in October.

When asked about the article in today’s Sun which reported that the Chancellor will be suspending stamp duty, he said: “I am looking at a number of measures and I’m not going to be drawn on that today because we have not concluded what exactly we need to do. “Another source from the Whitehouse today said that it’s more likely that homebuyers will have more time to pay their stamp duty rather than it be scrapped.

Labour back benchers have been fighting for Windfall tax to be applied on oil or energy companies, Although, Darling, expressed strongly that he had already rejected the proposal about imposing the tax.

Darling, has said that that Britain’s economic problems will get worse before it gets better, with every other country in the world is going through the same economic situation. Gordon Brown will be announcing an economic package in autumn which will help will rising food and fuel prices, and generally help the economic crash.

It’s been reported that ministers are considering helping people raise money in the form of a tax-free savings mechanism to aid people save up for the deposit for their house, this is aimed at helping first time buyers get on the property ladder.

None of the options at the moment have been decided so they may not become policy said a Whitehouse source.

One thing is clear, Darling is looking to work with the energy companies to see how they can reduce energy prices, he doesn’t want to add a windfall tax on the energy companies as he would prefer them to invest in new plants and power stations, he also said that a lot of the energy companies make a lot of money outside the UK, and paid tax in those countries.

Source: Guardian

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