'Philip Hammond's Budget stamp duty announcement is just a gimmick and it won't help young people'

'Philip Hammond's budget stamp duty announcement is gimmick to get good headlines'

Philip Hammond announced his budget yesterday (November 22)

Thursday, November 23, 2017

The stamp duty announcement made by Philip Hammond is "a gimmick" just to get good headlines as it won't help young people in the housing market long-term. 

That's according to Adam Bienkov, UK political editor of Business Insider, who was reacting to Philip Hammond's flagship Budget announcement yesterday (November 22).

Hammond said that first-time buyers will no longer have to pay stamp duty on homes up to £300,000. If the home costs between £300,000 and £500,000, then no stamp duty will be paid on the first £300,000.

The Chancellor has been praised in certain quarters for the move, but Bienkov believes it is nothing more than window-dressing.

He told Julia Hartley-Brewer that many journalists' post-Budget questions focused on “the OBR’s findings on it - that it’s largely a gimmick and won’t actually make it easier for young people to get onto the house market in the medium to long-term.”

However Bienkov says the message has "got good headlines in the papers and I think that was largely the point of it.”

He also thinks “the move on the Brexit preparation money was largely a political measure” as “this is money that I think was going to be spent anyway, much of it is contingencies and if things go well won’t be spent.”

But due to the major issue of leaving the European Union “I think this budget will be largely forgotten.”

The journalist added it “does seem that something radical needs to be done on the economy, whether or not Labour have the answer to that is rough to judge."

Listen to the full interview above