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As the UK economy continues to dive bomb towards recession the Bank of England has given its most blatant indication to date that interest rates will fall again in January. The indication was that...
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Tuesday 5th August 2008
Those waking up this morning will find that there is an ‘exclusive’ in the Sun newspaper which claims that Gordon Brown is on the verge of taking his biggest gamble ever. If the rumours are correct he is set to suspend the payment of stamp duty on house purchases across the board. Is it too little too late or enough to save the day?
While it is just speculation at the moment he really does need to pull a rabbit out of the hat not only for himself but for the UK economy. Is he does go down the route of suspending stamp duty on home purchases (a tax which he increased massively over the years) it could literally be a final throw of the dice.
He could be seen as the saviour of the housing market and bring himself back into the fold of the British electorate or it could smack of desperation. There is also a slight concern that by suspending the very lucrative stamp duty on house purchases the Treasury would need to bring in taxes from elsewhere to make up the short fall. As they say, he gives with one hand and takes away with the other..... |
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