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UK Conservative leader Kemi Badenoch recently pledged to abolish the property purchase tax and implement a "golden rule" to reduce government borrowing through spending cuts. She proposed eliminating stamp duty on homes valued above GBP 125,000 (USD 167,500) while cutting GBP 47 billion annually from welfare, aid, and government workforce expenses. Half of the savings would reduce Britain's deficit, with the remainder directed to tax relief or spending. The proposals aim to boost economic activity, restore public trust in the Conservative Party, and signal a focus on fiscal responsibility and growth.
Kemi Badenoch, leader of the UK's opposition Conservative Party, recently announced plans to remove the tax on buying homes and introduce measures to curb government borrowing. Speaking at the Tory party conference, she outlined that stamp duty on properties above GBP 125,000 (USD 167,500) would be abolished. Economists have frequently criticised this tax for discouraging property transactions and slowing economic mobility, making it a barrier to housing market activity. Advertisement
Badenoch presented this property tax pledge alongside a broader set of proposals aimed at demonstrating her capability as a future prime minister. The Conservative Party, long considered the UK's most successful political party, has faced challenges in regaining credibility after a period marked by internal divisions and instability following the 2016 Brexit vote.
Her team proposed reducing government expenditure by GBP 47 billion each year through cuts in welfare programs, foreign aid, and the size of the government workforce. Badenoch stated that half of these savings would help reduce Britain's national deficit, which has climbed close to 100% of the economy, while the remaining funds would be used for tax reductions or other public spending. She also pledged to scrap the country's net zero climate targets, signalling a shift in long-term policy priorities.
The announcement was made amid contrasting messages from the Labour Party, which focused on threats from Nigel Farage's Reform UK party. Badenoch instead invoked a quote from playwright George Bernard Shaw to suggest avoiding unproductive political conflicts.
By removing stamp duty and cutting government spending, Badenoch aims to stimulate the housing market, encourage mobility, and restore confidence in Conservative governance. The proposals also reflect an effort to balance fiscal discipline with economic incentives, positioning the party as focused on both responsible budgeting and promoting economic growth.
Source PTI
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