Reduced rates of SDLT on residential property for a temporary period

Part of Stamp Duty Land Tax (Temporary Relief) Bill – in the House of Commons at 8:43 pm on 13th July 2020.

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Photo of Dan Carden Dan Carden Shadow Financial Secretary (Treasury) 8:43 pm, 13th July 2020

The Opposition will not be opposing the Bill. We are acutely aware that people need support after months of lockdown when they were unable to buy or sell their homes, but while we are not opposed to giving homeowners and buyers additional support to get through this crisis, we have concerns about who will benefit most from the Bill.

Last week, we should have had a back-to-work Budget that targeted support at the sectors and jobs most affected by this terrible crisis, but we did not get one. Instead, we got scattergun giveaways that will not deliver for those who need it most—giveaways such as this Bill, which was frantically pulled together at the end of last week after more clumsy miscommunication at the highest level of Government.

Last week’s statement was another example of rhetoric over reality with this Government. It was cobbled together to get as many likes as possible, without due consideration for the long-term impact on the economy. It did nothing to target support to those who need it most during this difficult time. It did nothing for those who have so far been excluded from Government support during this crisis. Above all, it did nothing to address the Government’s failure to get an effective test and trace system in place so that people can feel confident leaving their homes and returning to some sort of normality.

As my hon. Friend the shadow Chancellor put it so succinctly last week, families are not staying home because they are waiting for a tenner off a meal. They are staying home because they are still worried about coronavirus. We do not just need incentives; we need confidence.

Question put and agreed to.

Bill accordingly read the Third time and passed.

Sitting suspended.