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On the eve of what is sure to be Alistair Darling's most important political statement there is speculation and counter speculation about how he will address the situation of the UK economy next...
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Tuesday 5th August 2008
The Chancellor Alistair Darling has revealed that the government is working on a financial package which they hope will kick start the housing market and ultimately the economy. On today’s BBC Radio 4 show he was interviewed about the state of the UK economy and exactly what he planned to do. While he did not reveal any specifics he refused to rule out a suspension of stamp duty on house purchases, suggesting it was one of a number of ideas the government was considering, with confirmation of the rescue plan due to be announced in the autumn.
Interestingly he categorically denied that he was even considering a windfall tax on the energy companies, a rumour which has refused to leave the political scene over the last few weeks. The fact that he is considering a suspension of stamp duty but no windfall tax on the energy companies has baffled many as this government needs all of the income which it can muster. How could the government afford to take a hit on stamp duty with nothing to make up the short fall?
Quite how the books will be balanced remains to be seen but there is speculation that the stamp duty call may not last too long and serve only to grab the headlines for a short while. |
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