Martin Lewis issues warning as stamp duty is axed by Rishi Sunak

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Martin Lewis issues warning as stamp duty is axed by Rishi Sunak

MoneySavingExpert Martin Lewis has put out a warning as stamp duty was abolished by Chancellor Rishi Sunak.

The financial guru issued an update to his followers on social media following the Chancellor’s speech in the House of Commons this afternoon (July 8).

It comes as Mr Sunak announced VAT cuts as well as 50 per cent discount at restaurants and a suite of measures to boost hiring during the Government’s ‘mini budget’.

As part of his speech, it was also revealed that stamp duty will be cut under Government plans to protect the economy from the coronavirus recession, reports BriminghamLive.

Following the news, Martin Lewis tweeted: “Stamp duty cut IMMEDIATELY. No stamp duty paid on homes up to £500,000 (currently £125,000). That’s huge.”.

“Runs until 31 March 2021.”

Chancellor Rishi Sunak said the jobs retention bonus could cost up to £9 billion if all furloughed workers are retained.

He unveiled the measure as part of an emergency package of support to help keep people in work as the coronavirus economic crisis hits.

He warned that “hardship lies ahead”, but insisted that no-one will be left “without hope”.

But the MoneySavingExpert.com founder had a warning, too, telling followers: “That will help many, but not first time buyers with sub 10% deposits who simply will struggle to get mortgages.”

The Chancellor’s statement comes after warnings from the Organisation for Economic Co-operation and Development (OECD) that the UK’s unemployment rate could soar to 14.8%, with job losses comparable to the 1930s.

Mr Sunak said the Office for Budget Responsibility and Bank of England are both projecting “significant job losses”.

That was “the most urgent challenge we now face” but “I will never accept unemployment as an unavoidable outcome,” Mr Sunak said

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