Stamp Duty Land Tax
Debate between Rachel Taylor and Graham Stuart(4 days ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Rachel Taylor (North Warwickshire and Bedworth) (Lab)
The shadow Chancellor would have us believe that the Conservatives have changed, and that the days of Liz Truss and her disastrous mini-Budget are behind them, but we can all see that nothing has changed. Once again, we see the same reckless attitude towards the public finances—cutting public expenditure to fund tax breaks for the wealthiest without being honest with the British public about who pays the price. The shadow Chancellor tells us he can fund this Liz Truss-style tax-cutting bonanza by making £47 billion in spending cuts. I simply ask him: if these fantasy savings are so easy to find, why did the Conservatives not make them during the 14 years they were in government?
Rachel Taylor
No, not at this point.
We have been here before with the Tories. They tell the public they can slash the state without any downsides, but the next thing we know is that our local library is being shut down, our local swimming pool goes with it and our vital services such as the NHS and schools end up in crisis. My constituents in North Warwickshire and Bedworth have suffered 14 years of austerity once, and they do not want to suffer it a second time. Let us look at some of the real facts about stamp duty.
Rachel Taylor
I am not saying whether stamp duty is a good or a bad tax. I am saying that I do not support simply abolishing it without any thought about the impact that that will have on the poorest people in our society.
The Tories have dressed up this fantasy tax cut as standing up for first-time buyers, but as a former property solicitor, I can tell them for a fact that that argument is completely false. In my constituency, a first-time buyer purchasing a property at the average price pays no stamp duty. This tax cut would be of no benefit to them whatsoever.