Hannah David today welcomed the measures introduced by the Chancellor in this year’s Autumn Statement. She praised the Government for helping people onto the housing ladder by reducing stamp duty and creating opportunities for young people to study and take on apprenticeships.
The reduction in stamp duty amounts to a tax cut of £800million for those for whom it will make the biggest difference. The previous system distorted the market with big jumps in taxes when house values climbed into a new band. The new system will work like income tax, so that people will only pay the higher rate on the part of the property’s sale price that falls within that band.
The government will also abolish National Insurance Contributions for employers who take on an apprentice under the age of 25, backing young people to get the skills they need. The Government is also going to make student loans of up to £10,000 available for young people undertaking post-graduate masters’ degrees. This will mean that bright students from less well-off backgrounds no longer have to turn down the chance to continue their studies because they are unable to secure funding.
Following the delivery of today’s Statement in the House of Commons, Hannah said:
“This Autumn Statement sets out the new steps in the Conservatives’ long-term economic plan. Having carefully guided our economy through the difficult months and years following Labour’s great recession, the Government is now in a position to provide new opportunities for hard-working families and young people. The reductions in stamp duty on the average family home will make it easier for families to get on the housing ladder. By making it easier for young people to take up university places or apprenticeships, this government is creating ever more opportunities for people to get on in life.”