Chancellor Jeremy Hunt dodged a question asking how he would fund the Stamp Duty cut when answering MPs in the Commons this evening.
The Chancellor has wound back most of former Chancellor Kwasi Kwarteng’s mini-Budget but the Stamp Duty cut remains in place.
Earlier in the afternoon he had said the Government would not carry out any further cuts without adequate funding being in place.
But Labour’s Jess Phillips branded the Stamp Duty reforms as baffling in the face of that earlier statement asking “Why is he spending £2bn on unfunded Stamp Duty cuts when he said today said that he couldn’t announce unfunded tax cuts?”.
However, Hunt dodged the question simply replying: “She’ll find out in two weeks.” Phillips branded the response as “bonkers”.
Meanwhile, former Lib Dem leader Tim Farron claimed the cut would do little to help those trying to get on the market but fuel the rise of second homeowners and AirBnB’s.
Hunt said he was well aware of the difficulties: “I do understand the concerns [about] second homeowners and the Government has been looking at that policy in enormous detail over recent weeks and months.
“But I would gently say that it would be wrong to be dismissive of the concerns of young people who are desperately trying to get on the housing ladder.
“The help we are giving them with the Stamp Duty reforms will make a significant difference.”
