MP tells Chancellor to U-turn on stamp duty cut

On the floor of the House of Commons last night, Cumbrian MP Tim Farron urged the new Chancellor Jeremy Hunt to ditch plans to cut stamp duty, over fears that it will lead to even more people buying second homes in the Lake District.

Speaking during the Economic Statement in Parliament, Tim said: "We have had many U-turns, but there is one that the Chancellor has not made that is massively relevant to Cumbria and other rural communities.

"The cut in stamp duty will help nearly nobody who can currently not afford a home to be able to afford one.

"What it will do is add fuel to the fire of a second home ownership and Airbnb disaster in areas such as the Lakes and the Dales.

"Does he understand the damage that excessive second home ownership and Airbnb do to communities such as mine and other parts of the country?

"Will he think again and do something to support our communities and stop the housing catastrophe?"

Responding, Jeremy Hunt said: "I entirely understand the concerns about second home ownership, and the Government have been looking at that policy in enormous detail over recent months.

"However, I gently say to the honourable member that it would be wrong to be dismissive of the concerns of young people desperately trying to get onto the housing ladder, and the help that we are giving them with the stamp duty reforms will make a significant difference."