MP: 'Scrapping business rates and stamp duty will improve lives'

Whether it’s National Insurance going up, business rates doubling in many cases, or higher energy bills — the pressures are very real and leading to job losses and even closures.

Since the Chancellor’s Budget last year, more than 80,000 jobs have disappeared across the country from our hospitality sector. And since the start of this year, there have been two closures a day. 

This needs to change fast — and I’m pleased to say that after spending time listening to businesses, we have worked up a properly thought through and fully costed policy to abolish business rates for high street shops and pubs. 

You may have seen it announced at the Conservative Party conference this week, where there has been real focus on living within our means and explaining how we pay for our policies. This is the right approach as we brace ourselves for further tax rises in the Autumn Budget as our borrowing hits record highs. In this case, abolishing business rates will benefit some 250,000 businesses and cost £4 billion a year to implement. 

Another policy announced at conference is the abolition of stamp duty for primary residences. Stamp duty is a bad tax as it punishes mobility and locks people into homes that no longer fit their needs. Our pledge will especially help local young people who aspire to get onto the housing ladder. 

Unlike other parties, we have identified ways in which we can pay for these tax cuts, and more generally put taxpayer cash to better use — bringing our welfare bill under control, stopping the inflation-busting pay rises to unions (who continue to strike regardless), and getting rid of GB Energy — an £8 billion quango that doesn’t even produce any energy. 

I look forward to sharing further policies with you in the coming months that will benefit people in NW Hants. It’s right that we take our time to get them right.