Rishi Sunak urged to cut stamp duty in March Budget to give voters ‘immediate’ benefit ahead of the next General Election

  • The policy was proposed by former Housing Secretary Robert Jenrick

Rishi Sunak was urged to cut stamp duty in the March Budget to give voters an ‘immediate’ benefit ahead of the general election.

The tax cut is a ‘golden opportunity’ to win back voters, argues senior Conservative MP and former housing secretary Robert Jenrick.

Mr Jenrick writes in The Mail on Sunday: ‘A stamp duty cut would give a much needed stimulus to the economy. Unlike other tax cuts that take time to reap dividends, this will create an immediate feel-good factor.’

Mr Sunak, along with chancellor Jeremy Hunt, are finalizing their March 6 budget, which will be focused on some form of tax cuts. MPs privately say the budget is a ‘last roll of the dice’ for the Prime Minister.

Rishi Sunak's team is finalizing their March 6 budget, which will be focused on some form of tax cuts

Rishi Sunak’s team is finalizing their March 6 budget, which will be focused on some form of tax cuts

MPs privately say the Budget is a ¿last roll of the dice¿ for the Prime Minister and his Chancellor Jeremy Hunt

MPs privately say the Budget is a ‘last roll of the dice’ for the Prime Minister and his Chancellor Jeremy Hunt

The Institute for Housing and Finance, led by Conservative MP Natalie Elphicke (pictured), said people under 40 should be allowed to ¿ instead of building up their pension pot ¿ put the money into a savings account that can be used become a deposit for their first home

The Institute for Housing and Finance, led by Conservative MP Natalie Elphicke (pictured), said people under 40 should be allowed to – instead of building up their pension pot – put the money into a savings account that can be used become a deposit for their first home

It comes as a think tank has urged the chancellor to radically change pension rules so young people can divert their pension contributions to get their foot on the property ladder instead.

The Institute for Housing and Finance, led by Conservative MP Natalie Elphicke, said people under 40 should be allowed to – instead of building up their pension pot – put the money into a savings account which can be used to ‘ to finance a deposit for their first home.

Ms Elphicke said the measure would ‘bring home ownership back within reach of tens of thousands of under-40s being priced out of the market’.

Meanwhile, the Government has announced plans to make it easier for developers to convert disused shops into residential homes by cutting red tape for ‘brownfield’ sites.