Economic Update

Part of the debate – in the House of Commons at 1:03 pm on 8th July 2020.

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Photo of Rishi Sunak Rishi Sunak The Chancellor of the Exchequer 1:03 pm, 8th July 2020

The good news is that we already have. The Prime Minister announced it, and I talked about it at the Budget: the affordable homes programme will increase from £9 billion to £12 billion over the next few years, a significant uplift in the amount of new housing delivery—180,000 new homes, from memory. With regard to the benefits of stamp duty, the evidence we have both from economists and HMRC is that the majority of the benefit of a stamp duty cut last time around, in ’08-’09, accrued to the buyers.