Eighty per cent of first-time buyers will not have to pay any stamp duty at all, Philip Hammond has announced in his budget speech, which patched political problems while revealing dire downgrades to Britain’s growth prospects.
The chancellor admitted there was “no silver bullet” to solve the housing crisis but he said that first-time buyers would no longer have to pay stamp duty on the first £300,000 on homes costing less than £500,000.
He also gave the NHS a £2.8 billion emergency cash injection and universal credit £1.5 billion. In a budget speech lasting an hour and two minutes he announced dozens of medium-sized spending measures and tax breaks.
The measures will be paid for by more borrowing, adding £2.7 billion to the national debt