Spring Statement

Part of the debate – in the House of Commons at 1:17 pm on 13th March 2019.

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Photo of Greg Hands Greg Hands Conservative, Chelsea and Fulham 1:17 pm, 13th March 2019

I warmly welcome the big improvements in the public finances, particularly those as a result of the last spending review in 2015, but the Chancellor has a problem with stamp duty. Today’s report says that the forecast has “deteriorated significantly” since October, when it was already £4 billion short. Receipts fell 9.8% in 2018, which is a new £2.7 billion shortfall in the scorecard. Transactions in my constituency are down 31% since the reforms. That is something he will need to look at and propose reforms for in due course, perhaps in November. Would he like to comment on the latest deteriorating numbers?