Labour attacks stamp duty break as “a half billion pounds giveaway”

Labour says Chancellor Rishi Sunak “will give away half a billion pounds to second homeowners and landlords through the stamp duty holiday extension.”

Thangam Debbonaire, the party’s Shadow Housing Secretary, says: “The Conservatives have shown once again they have the wrong priorities, giving tax breaks to landlords and second homeowners while failing to tackle runaway house prices and build truly affordable housing.

“After a decade of failure on housing, we needed a Budget that put us on the road to recovery and addressed the fundamental flaws in the housing market. Instead we got reheated policies with no new ideas on housing.”

Labour claims that Treasury figures show that the newly-lengthened Stamp Duty Holiday is set to cost £1.6 billion. 

“In 2019/20, 34 per cent of homes bought were second homes, buy-to-let properties and residential properties bought by companies” Labour claims. 

“The Chancellor has therefore given a £545m boost to landlords and second homeowners.”

Labour has also criticised the Budget because “700,000 renters face a shortfall between their rent and support available through Universal Credit, yet the Chancellor chose to freeze Local Housing Allowance.” 

And it adds: “Over half a million renters are already in arrears, yet the Chancellor announced no support to prevent a homelessness crisis when the evictions ban is lifted.”