Stamp Duty (Temporary Provisions) (Extension)

Part of New Clause 3 – in the House of Commons at 9:15 pm on 7th July 1992.

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Photo of Dr John Marek Dr John Marek , Wrexham 9:15 pm, 7th July 1992

That has enlivened the debate a little. I am reaching the end of my remarks.

The continuation of stamp duty relief would be useful if we move out of the recession. The cost of £220 million could be budgeted. The duty on share transactions can be delayed if the Government so choose. That presents them with a clear choice, but I understand that they have decided to terminate the relief in August.

We will see how many Conservative Members turn on their heads and vote for the cessation of stamp duty relief and for a continuing crisis in housing. I urge my hon. Friends to join me in the Lobby in voting for new clause 3. It is not the complete answer. There are better ways of spending the money and of helping manufacturing industry, which is absolutely necessary if we are to survive as an industrial nation. However, I invite the House to join me in voting for the new clause because it will provide some help in alleviating the crisis in housing that we all want to see come to an end at the earliest opportunity.