'Money grabbing' Rachel Reeves' shock stamp duty plan will hit millions

Rachel Reeves “will stop at nothing to pay off her mates” amid looming changes to stamp duty, Priti Patel has declared.

The “money grabbing” Chancellor is set to allow the threshold for stamp duty to halve, hitting families across the United Kingdom.

And first time buyers will have to pay stamp duty on any property worth more than £300,000 – compared to the current £425,000.

Ms Patel said that the Chancellor “can now make a choice to support home ownership by extending the £425,000 threshold for first time buyers and making it a permanent feature of the tax system”.

Dame Priti Patel said: “Just weeks after the General Election, the Chancellor has shown she is prepared to scrap millions of pensioners' Winter Fuel Allowances to pay for inflation-busting public sector pay rises.

“It now seems she is prepared to increase Stamp Duty for first time buyers who simply want to own their own home.

“The money-grabbing Chancellor has shown she will stop at nothing to pay off her mates in the trade unions and stifle aspiration.”

Britons currently pay stamp duty in England and Northern Ireland if their home costs more than £250,000.

But the threshold at which someone will have to pay this tax will be halved to £125,000 in March 2025.

First-time buyers will have to pay stamp duty on any property which costs more than £300,000.

The Prime Minister will on Tuesday warn “things will get worse before we get better”.

Many believe Sir Keir is paving the way for tax rises in the October Budget.

Sir Keir will claim: "We have inherited not just an economic black hole but a societal black hole. And that is why we have to take action and do things differently.

"Part of that is being honest with people - about the choices we face. And how tough this will be.

"Frankly - things will get worse before we get better."