Kemi Badenoch's Bold Move: Conservative Leader Vows to Abolish Stamp Duty
Conservative Party leader Kemi Badenoch pledged to abolish stamp duty on primary homes and introduce measures to cut government borrowing. Her promises come as a bid to restore the party's reputation and position herself as a future prime minister.
Kemi Badenoch, leader of the opposition Conservative Party, made a surprising pledge on Wednesday to eliminate stamp duty on primary residences for British citizens. Her announcement came with an additional 'golden rule' to curb government borrowing through spending reductions.
During the party's conference, Badenoch detailed her plan to abolish the stamp duty on residential homes priced above £125,000—a measure applicable in England and Northern Ireland that has faced criticism from economists for discouraging property transactions and hindering economic growth.
With her promise to implement sweeping cost-cutting measures, Badenoch aims to revive the Conservative Party's image of competence, which has been tarnished post-Brexit. The party plans to save £47 billion annually by decreasing welfare spending and reducing government staff, with savings to alleviate the budget deficit or support tax cuts.
(With inputs from agencies.)
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