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Trade body UK Finance has recommended for the Labour Party to introduce a stamp duty rebate scheme to persuade homeowners to upgrade the energy efficiency of their homes.
The body also suggested that stamp duty bands should be raised annually, keeping them in line with rising house prices.
Finally, UK Finance urged Labour to retain the minimum threshold for first-time buyers at £425,000. As it stands it will revert back to £300,000 at the end of March 2025.
The Autumn Budget takes place on October 30th.
David Postings, chief executive of UK Finance, said: “The new government has been clear that it is focused on delivering sustained economic growth, and financial services are vital in achieving that goal.
“The upcoming Budget is an important opportunity for the government to set out a clear plan for the UK. In our submission, we have called on the government to not only introduce measures to bolster growth, but also a range of ideas to help support households and businesses up and down the country.
“As a vital part of the UK economy, financial services will play an active role in supporting growth and building a better society for all.”
The trade body also made a fourth recommendation involving stamp duty, as it called for the government to incentivise share ownership by abolishing the 0.5% purchase share on stamp duty for UK equities.