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Ed Balls calls for stamp duty holiday

The shadow-chancellor insists 2 year tax holiday will kick-start the economy

Ed Balls, the shadow-chancellor, will today use his key-note speech at the Labour Party conference to call for a 2 year stamp duty holiday for first time buyers. He will demand “urgent” action to generate growth. Coupled with the stamp duty holiday, Mr Balls will also outline plans for 100,000 new affordable homes. He claims that these measures will be paid for by the windfall from selling the contract to provide 4G broadband in the UK. This could potentially raise up to £4 billion.

In March a two year stamp duty holiday for first time buyers purchasing homes worth up to £250,000 ended. April saw a large drop off in mortgage applications especially among first time buyers. In an interview with BBC Breakfast, Ed Balls said:

“I’m not saying short-term things. I’m saying plan for the long term, be disciplined in public spending and put jobs first. I think most Labour Party members and most voters in the country want discipline from an opposition on spending but they also want some hope for the future on jobs. That’s what I will deliver and it makes me a bit unpopular with a few people. That’s life.”

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