Mr Sunak will reportedly reveal plans this week to increase the threshold at which people start paying stamp duty. First time buyers are already exempt from stamp duty on home of up to £500,000 in London and £300,000 in the rest of the UK. Mr Sunak is set to give an economic update to MPs on Wednesday but it is understood the stamp duty holiday will not be announced until the next Budget. In a letter, industry bosses had called for stamp duty to be waived for older homeowners moving to smaller homes and free up bigger properties for expanding families, reports the Daily Mail. While former advisers to five Tory prime ministers and chancellors have urged the government to focus immeditately on "jobs, jobs, jobs" in order to decrease debt by 2024.

Source: Daily Mirror July 06, 2020 00:45 UTC