There are few moments more meaningful in life than the day you get the keys to your first home. I remember it clearly – unlocking the front door, stepping into a place that was finally my own, and realising that I had achieved something generations of Britons before me had worked so hard for: ownership, stability, and pride in a place called home.
But today, for millions of people – especially the young – that dream feels out of reach. Not just because of high house prices, but because of a tax that hits you the moment you try to do the right thing.
That tax is Stamp Duty – and last week Kemi said what many know but few in politics dare admit: Stamp Duty is a terrible tax. It’s economically damaging and morally unfair. It’s a tax on moving, a tax on growing, a tax on living and a future Conservative government will get rid of it – delivering the biggest tax cut for homeowners in a generation.
Stamp Duty doesn’t just make homes more expensive – it actively blocks people from moving, whether that’s a young couple buying their first flat, a growing family needing more space, or an older homeowner downsizing after retirement. It punishes aspiration, penalises prudence, and slows down the housing market. In fact, it’s the single most anti-aspiration tax in Britain – and aspiration shouldn’t be taxed.
In economic terms, it’s one of the most distortionary taxes we have. It freezes up mobility, clogs up chains, and reduces transactions in a sector that supports everything from local trades to national growth. Every time someone moves, it sparks a chain of economic activity – decorators, movers, builders, shops. Stamp Duty puts a brake on all of that.
And it’s not just bad economics. It’s bad values. It tells people: if you want to work hard, save, and buy a home, the government will be there to take a slice just when you need help the most.
That’s not just unhelpful. It’s unconservative.
Labour and Reform have made their priorities clear: more spending, more borrowing, and more welfare. They would increase the size of the state, saddle the next generation with more debt, and leave you paying the price through higher taxes.
We’re offering a clear alternative. The next Conservative government will cut your taxes, abolish stamp duty on main homes, abolish business rates for thousands of high street shops and pubs, and deliver a bold offer for aspiring young people.
We can afford to do this because we’ve made the tough decisions that others won’t. We’ve said we’ll live within our means – and we’re using that discipline to make home ownership a reality again. We’re cutting Stamp Duty not with borrowed money, but by tackling wasteful spending.
Last week, I announced £47billion in savings, by slimming down the size of government – including welfare reforms to reward work and restore confidence in our welfare system.
This plan is underpinned by our Golden Rule: at least half of all savings go to reducing the deficit. That’s responsible, realistic Conservatism. It’s what sets us apart – from Labour, who have no serious plan to balance the books; and from Reform, who think they can promise vast spending and tax cuts with no idea how to pay for any of it.
When Kemi stood before conference last week and announced we would abolish Stamp Duty, the room erupted. Not because it was a gimmick, but because it was a moment of truth – a sign that my party, the Conservative Party, has rediscovered its mission: to reward work, back aspiration, and help people get on in life.
Shadow Housing Secretary, James Cleverly, is welcoming Kemi to Chelmsford this morning. Together they will bring a message of hope, not managed decline. A message of action, not excuses. A message that a fairer, more aspirational Britain can be built – and that a Conservative government under Kemi Badenoch will build it.
Because in the end, this isn’t just about tax reform. It’s about restoring something deeper: the sense that if you do the right thing, your country will back you. That is the promise we offer. And with the courage to make the tough choices, we will keep it. It’s about fairness, mobility, and giving people a stake in their future. Kemi Badenoch isn’t just talking about aspiration – she’s acting on it.
The housing market is frozen – and abolishing Stamp Duty is the first step to getting Britain moving again. Kemi will do what Labour won’t: abolish the tax that traps families, workers, and pensioners.
With just six weeks until the Budget, will Rachel Reeves match our promise to scrap Stamp Duty – or will she keep taxing aspiration?