OPINION: ‘Boris and Liz should hang their heads in shame’

Chancellor Jeremy Hunt delivered his much-anticipated Spring Budget statement on Wednesday telling MPs that his plans will create a ‘budget for long-term growth’, promising that new measures will mean ‘more investment, more jobs, better public services, and lower taxes’.

After being largely overlooked in the 2023 Autumn Statement, measures aimed at supporting the housing sector were widely expected to include proposals for a 99% mortgage scheme, a cut to inheritance tax and stamp duty relief for downsizers.

DISAPPOINTED

Unfortunately, many in the industry have once again been left disappointed by the lack of significant proposals to support homeowners, landlords and the UK property market.

Whilst a reduction in capital gains tax could see a boost in property transactions, property investors were dealt a blow with the abolishment of the Multiple Dwelling Relief.

And a tax break for second homeowners who let out their furnished properties to holiday makers was also axed, amidst claims that it was depriving long-term renters of affordable accommodation.

The Chancellor had little to no headroom to make any real ‘big news statements’.”

Regrettably, and despite earlier hopes, the Chancellor had little to no headroom to make any real ‘big news statements’ in what is likely to be the Conservatives final budget for some time.

The removal of interest tax relief on holiday lets will no doubt be welcomed by many local people whose towns have been awash with investors buying property for short term lets. However, it is questionable as to whether this will have any real benefit for the struggling private rented sector.

RING OF TRUTH

A further cut of £0.02 in national insurance contributions must be welcomed, however the accusation of giving with one hand and taking from the other does have a ring of truth about it.

I am afraid this Conservative government is approaching the end game and to be frank, a period in opposition is exactly what they need.

How the Tory party have reached this position after the landslide election result in 2019 is beyond credulity and former Prime Ministers Boris Johnson and Liz Truss should hang their heads in shame.

Jeremy Prior (main picture) is Managing Director of Auction House