Unlocking Home Ownership: Badenoch's Bold Proposal to Abolish Stamp Duty

In a groundbreaking announcement, Kemi Badenoch, the leader of the Conservative Party, declared that a future Conservative government would abolish stamp duty on main home purchases, a move celebrated with a standing ovation at her first conference speech. Badenoch emphasized that eliminating this tax would help fulfill the dream of home ownership for many, and create a more fair and aspirational society.

During her 45-minute address, filled with humor and personal anecdotes, Badenoch sought to project a strong image of leadership amidst pressure from recent lagging polls behind Labour and Reform UK. Aimed at distinguishing her party from opponents, she attacked Labour leader Sir Keir Starmer, labeling the current government as directionless and responsible for creating chaos across the nation.

The proposal to eliminate stamp duty would specifically target primary residences, while maintaining taxes on additional properties and purchases by companies and foreigners. This bold tax reform is projected to cost the Treasury approximately £9 billion annually, potentially rising to £10.5-11 billion as estimated by the Institute for Fiscal Studies.

Badenoch argued that the money for this change would come from planned savings totaling £47 billion from various budget cuts. She reaffirmed her commitment for her government to adhere to a ’golden rule’ of managing public finances responsibly while simultaneously pursuing economic reforms.

In addition to the stamp duty announcement, Badenoch highlighted numerous other conservative initiatives aimed at revitalizing the economy. These included scrapping business rates, reducing VAT on private school fees, and increasing police presence in high-crime areas. Her speech aimed to rejuvenate party morale and re-establish the Conservative Party’s credibility, showcasing it as a viable alternative dedicated to effective governance.