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 Philip Hammond Philip Hammond The Chancellor of the Exchequer 1:17 pm, 13th March 2019

Yes. My right hon. Friend—perhaps unsurprisingly, given his constituency—is very interested in these issues, and I would be happy to meet him to go through the numbers. There are a number of moving parts underneath the headline number. Stamp duty in Wales has been devolved, which takes a significant chunk out of the total number. There is an overall slowdown in the market, which has an effect. We have also exempted first-time buyer purchases from stamp duty, which is a considerable chunk of the reduction he refers to, but I would be happy to talk him through the details.