Labour Vote Against Stamp Duty Cut They Backed In Manifesto

Labour MPs have voted against the proposed cut in stamp duty, despite backing it in their manifesto just six months ago. Overall, 228 Labour MPs voted against the second reading of the Finance Bill which includes the tax cut first outlined in the Budget. Shadow Treasury minister Jonathan Reynolds admitted this “was a Labour policy included in our manifesto for the June 2017 general election”, yet Labour MPs queued up to oppose the tax cut: Alison McGovern said “it is simply the wrong policy priority’”, Grahame Morris whinged:legitimate concerns have been expressed about the stamp duty proposals, which are feared to be the wrong solution”. And Stella Creasy said the stamp duty cut would: “do little for [her] constituents.” Student fees, stamp duty – is there anything Labour told voters at the election that still stands?




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Quote of the Day

John Curtice on fiscal policy:

“Attitudes to taxation and spending are basically counter-cyclical. If a government comes in and tries to reduce spending and taxation, after a while people will get worried about the state of public services. If a government increases taxation and public spending, after a while they’ll get concerned about increasing taxation…. In as much as there are lots of ideologues out there who think the state should be this proportion of GDP, they’re all wrong. Because the public’s view is counter-cyclical to the recent experience. It’s basically impossible to satisfy the public.”

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