Stamp Duty Land Tax (Temporary Relief) Bill — House of Commons, 2020-07-13
Topic: Housing
Jacob Young (Conservative, Centre-right): It is a pleasure to follow the hon. Member for Richmond Park (Sarah Olney). As has been discussed, housing is one of the sectors that has been worst hit by coronavirus, so I welcome the Bill on the back of the Chancellor’s announcement last week to temporarily cut stamp duty. This measure will go a long way to bringing back confidence in the property market and starting to drive growth in that sector once more. Property transactions were down 50% in May this year compared with last May, and this is the right way to kick-start sales again At the heart of this decision are jobs, because buying and selling homes creates jobs and economic activity, whether that is the estate agents, solicitors, mortgage advisers, surveyors, removal companies, electricians, builders, joiners, plumbers or painter- decorators. One house sale can make a huge economic ripple, which is why this intervention is so important. I am proud that the Government have delivered an unprecedented level of support for businesses and self-employed people throughout this pandemic so far, but we must now move on to the next phase of getting back to trading and creating jobs, and we must do so in a way that keeps people safe As we progressively get back to business, cutting stamp duty is part of a package of measures that will help our economy to get back on track. Thanks to this measure, 90% of the people buying a main home this year will pay no stamp duty at all. This will give thousands of families across the country the necessary incentive to buy or sell their home. Whether they are moving on to the property ladder or moving up, selling their home or renovating, this activity will create jobs—the jobs that we need to recover from this crisis We should also keep in mind that stamp duty is an important source of revenue for the Government, and when so many people are relying on public money for the duration of this crisis, it is important that we find ways of unburdening the public purse. That is why, as well as supporting existing jobs in the housing sector, we are taking this opportunity to build on top of that and deliver even more homes and create more good-quality, sustainable jobs Long-awaited reforms of the planning system will make it easier for landlords to convert existing commercial property into housing and further stimulate the market, and our new green homes grant will mean that new home owners can increase the energy efficiency of their homes, creating more jobs for people who work in home improvement As a result of the pandemic, some aspects of our economy will change permanently, such as our approach to working from home. More sectors have gone into standstill and require a restart. We are all aware of cases in our own constituencies where tradesmen in the housing sector have not been eligible for support through the self-employment income support scheme or the coronavirus job retention scheme. Getting the housing market restarted is vital to their livelihoods, as I mentioned to the hon. Member for Richmond Park. This is our cause: to protect, support and create jobs Cutting stamp duty is not a bung for homeowners, as Opposition Members would say; it is about the hundreds of thousands of jobs that rely on a thriving housing market. Much lies ahead of us, and this could be the most challenging phase of our recovery yet. However, I have every confidence that with a gradual approach and temporary, focused support from the Government where needed, we can not only recover but thrive in a new post-covid economy.