UK Prime Minister Burnham Rules Out Stamp Duty Changes in Next Budget
Prime Minister's Statement on Stamp Duty Policy
LONDON, July 27 (Reuters) - Britain's Prime Minister Andy Burnham on Monday ruled out any changes to stamp duty, a tax on home sales, at the next budget due later in the year.
Official Response to Stamp Duty Questions
Asked if the government would change or scrap stamp duty in the next budget, Burnham said: "Yes, I can say that quite clearly. That won't be happening."
Economic Impact of Stamp Duty
Stamp duty on land and property raised £16.6 billion ($22.1 billion) for the government in the last financial year but many economists say it deters people from moving for work or downsizing, leaving the housing stock poorly used.
Government's Broader Taxation Approach
"It's just not the case that we are bringing forward plans on that scale at this moment in time...What we're trying to do though is to make taxation fairer," Burnham, who became PM on July 20, told reporters.
Previous Statements on Tax Increases
Previously Burnham has said he may ask people to pay "a little more" in tax as the country faces major spending pressures from an ageing population and a need to rebuild its armed forces as well as broader investment goals.
Labour Party's 2024 Manifesto Commitments
The governing Labour Party's 2024 manifesto ruled out increasing the rates of income tax, national insurance or value-added tax, which together account for nearly two thirds of total tax revenue.
Additional Information
($1 = 0.7516 pounds)
(Reporting by Muvija M, writing by Sarah Young and Andy Bruce, editing by Alistair Smout)
