Burnham: won't scrap or change stamp duty in next budget

Andy Burnham has confirmed that stamp duty will remain unchanged in the upcoming budget, despite ongoing public and political debate over the tax's impact on property transactions and affordability. In his first speech as prime minister, Burnham emphasized the need to provide "breathing space" for households grappling with the cost of living but made no indication of altering the current tax framework. This decision aligns with the government’s commitment to maintaining the main three taxes—income tax, National Insurance, and VAT—unchanged, as outlined in the Labour manifesto.

Stamp duty, which applies to property purchases in England and Northern Ireland, has long been a point of contention among first-time buyers and homeowners. While some have called for its replacement with a more progressive property tax system, Burnham has not signaled support for such reforms at this stage. Instead, the focus appears to be on broader affordability measures, including housing supply and energy costs.

The decision to retain stamp duty reflects the government’s adherence to its self-imposed fiscal rules, which aim to balance economic stability with public spending priorities. However, with property market activity remaining sensitive to tax policy, the lack of reform may continue to influence buyer behavior and housing market dynamics.