The Centre for Policy Studies responds to the Chancellor of the
Exchequer's summer economic update, and his Plan for Jobs.
On the temporary cut to Stamp Duty, , CPS Head of Policy,
said:
"We are delighted to see the cut in Stamp duty announced today -
as one of the most hated and economically damaging taxes, this is
something the CPS called for in our report 'Stamping Down'.
"The case the Chancellor was making is exactly what we said in
our recent paper 'Help to Build', but we would like to see this
cut become permanent - which we have estimated will be much
cheaper than the Treasury believes."
On the measures around employment and job creation, Robert
Colvile, Director of the CPS, said:
"We welcome the focus on jobs and training, which is what the CPS
recently called for in our report 'After the Virus', but the
challenge will be how to support the economy as we transition to
new ways of working in a post-virus economy.
"You can see the Government is trying to strike that balance with
this package, but these measures are temporary, and will have to
be paid for down the line. This is why we would like to see the
sort of long-term structural change that will maximise growth,
support businesses and encourage them to create new jobs without
placing the burden on the taxpayer."
