Kemi Badenoch has promised to eliminate Stamp Duty in an effort to regain attention for her struggling political party.
The Conservative leader aimed to inject energy into a lackluster party conference with a bold speech highlighting the Tories’ ability to rectify the harm caused during their 14-year tenure in power.
Her surprise announcement was the abolition of Stamp Duty, which she criticized as a burdensome tax that hampers the housing market.
Addressing Conservative supporters in Manchester, Ms. Badenoch emphasized, “Stamp Duty is a detrimental tax that impedes our housing market. We need to stimulate housing market activity, as a society where homeownership and mobility are unattainable signifies a lack of social progress.”
However, it was later clarified that the elimination of Stamp Duty would only apply to primary residences, with the tax still imposed on secondary homes, properties purchased by businesses, and overseas buyers.
The new policy is expected to offer the most benefits to buyers of high-value properties, as Stamp Duty is waived for homes valued up to £125,000, with the tax increasing as the property value rises. Additionally, first-time buyers are exempt from Stamp Duty if the property price is under £300,000.
The Conservatives project that the initiative would cost approximately £9 billion annually, with funding derived from £47 billion in budget cuts to welfare, foreign aid, and civil service size. However, economists have raised concerns about the ambiguity and complexity of the proposed cuts.
The Stamp Duty pledge was unveiled at the conclusion of a speech teeming with policy proposals as Ms. Badenoch endeavored to revive her party’s dismal polling numbers.
She criticized the Labour party and asserted that only the Tories could rescue the country from the decline caused by a “weak economy and porous borders” during their previous governance.
Ms. Badenoch outlined plans to reverse several Labour policies, including ending tax incentives for private schools and altering inheritance tax rules for farms, aiming to provide financial benefits to wealthier individuals.
Furthermore, she outlined stringent commitments such as mass deportations, withdrawal from the European Convention on Human Rights, repeal of the Climate Change Act, and prohibition of doctor strikes.
In a brief mention, the Conservative leader referenced Nigel Farage, whose Reform Party has been attracting Conservative supporters, council members, and even MPs.
She accused him of “tapping into the same source of funding” as Jeremy Corbyn and Sir Ed Davey, a criticism likely to draw attention following Liz Truss’s tax reduction initiatives.
Ms. Badenoch remarked, “Reform promises free beer tomorrow, Jeremy Corbyn guarantees free jam, and Lib Dems pledge free lentils. All of them promise increased spending, jeopardizing public finances.”
She emphasized the need for Conservatives to be in charge, denouncing the irresponsible and cynical financial strategies of other political figures.
In what appeared to be a veiled reference to Mr. Farage, she cautioned against engaging in futile battles and quoted George Bernard Shaw, stating, “Never wrestle with a pig. You both get dirty, and the pig enjoys it.”
Anna Turley MP, Chair of the Labour Party, criticized Kemi Badenoch for being in denial about the Tories’ past governance failures and their refusal to acknowledge the resulting chaos.
Lib Dem leader Sir Ed Davey targeted moderate Conservatives disenchanted with the party’s rightward shift, urging them to abandon support for Ms. Badenoch. He expressed concerns that her proposals to revoke the Climate Change Act and exit the ECHR signal a departure from traditional British values of inclusivity, decency, and adherence to the law.