Calls for the devolution of stamp duty to councils
The research found that by retaining the £4.2 billion raised in stamp duty every year, London could finance double the number of new homes being built.
Bacon said: “I welcome the chancellor’s decision to devolve business rates to local councils, now stamp duty should be next on the list.
“My sums show that if the Capital uses its stamp duty on constructing new homes, it can more than double house building from 20,520 to 42,614 every year. It’s time for London to finance its way out of its housing shortage through common sense reforms.”
The Mayor of London Boris Johnson has also voiced his support of the proposal to devolve stamp duty to London government.
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