Chancellor defends FTB stamp duty cut decision

Chancellor, budget
The Chancellor has defended his Budget decision to cut stamp duty for first-time buyers.
Yesterday Philip Hammond said first-time buyers buying properties worth up to £300,000 would no longer have to pay the tax.
He said that in more expensive areas “such as London”, stamp duty will be abolished on the first £300,000 of properties valued at up to £500,000.
The Office for Budget Responsibility says a Government says the move would raise house prices by 0.3 per cent and not help many first-time buyers.
But the Chancellor defended the move this morning, saying the OBR had not taken context into account.
Speaking to the BBC this morning, he said: “The Office for Budget Responsibility looked at a particular narrow question – if you reduce stamp duty and don’t do anything else, what would happen?

“But we’ve not done nothing else, we’ve introduced a very big package – £15bn of extra money going in, on top of the billions that we’re already spending on housing, to increase the number of houses that we build in this country, so that’s not the situation that we will have. We will have many more homes available.”

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