Kemi Badenoch, in an effort to redirect attention to her struggling party, has committed to eliminating Stamp Duty. During the lackluster party conference, the Conservative leader delivered a bold speech emphasizing that only the Tories could rectify the damage caused during their 14-year tenure.
Her surprising announcement was the intention to abolish Stamp Duty, labeling it as a detrimental tax hindering the housing market. Badenoch emphasized the need to stimulate the housing market for societal advancement, stating that a stagnant property market impedes social mobility.
However, it was later clarified that the abolition would only apply to primary residences, maintaining the duty for secondary homes, properties purchased by businesses, and foreign buyers. This move is projected to benefit buyers of higher-priced properties the most, with Stamp Duty exemption for homes valued up to £125,000, increasing as the property value rises.
Under the plan, first-time buyers would be exempt from Stamp Duty if their property costs less than £300,000. The Conservatives estimate an annual cost of approximately £9 billion for the scheme, funded through £47 billion in proposed cuts to welfare, foreign aid, and the civil service size. Yet, economists caution that the specifics of these cuts are ambiguous and challenging to evaluate.
The pledge was part of a speech packed with policy proposals as Badenoch endeavored to boost her party’s dismal polling figures. She criticized the Labour Party, asserting that only the Tories could steer the country away from the decline caused by a weak economy and porous borders during their governance.
Badenoch vowed to reverse several Labour policies, such as eliminating tax advantages for private schools and adjusting inheritance tax for farms, aiming to allocate resources back to the affluent. She also outlined stringent promises including mass deportations, withdrawing from the European Convention on Human Rights, repealing the Climate Change Act, and prohibiting doctors from striking.
In a brief mention, Badenoch addressed Nigel Farage, whose Reform Party has been attracting Conservative supporters, councillors, and even MPs. She accused him of utilizing similar financial strategies as Jeremy Corbyn and Sir Ed Davey, critiquing their spending promises as detrimental to public finances.
The Conservative leader underscored the party’s necessity to regain control, citing irresponsible and cynical financial policies propagated by other political figures. She emphasized the importance of British values and the need for Conservatives to lead the country forward.
Labour Party Chair Anna Turley criticized Badenoch for denying the Tories’ past failures and refusing to acknowledge the repercussions of their governance. Meanwhile, Liberal Democrat leader Sir Ed Davey urged moderate Conservatives displeased with the party’s rightward shift to abandon Badenoch, citing her proposals to repeal the Climate Change Act and exit the ECHR as a departure from fundamental British principles of tolerance and lawfulness.