Osborne used the recent Budget to announce a stamp duty of seven per cent would be charged on homes worth more than £2m. Some 2,059 properties worth in excess of £2m have been sold in London in the past two years, according to Zoopla.co.uk.
But Davis doubts the stamp duty increase will help boost the economy.
“It is definitely a slight move to taxing assets, but slight is the operative word and it doesn’t get to the root of the issue,” said Davis.
“We still tax wealth creation with income and corporation tax, whereas we should be taxing non-productive assets. That way we could equalise our society and it would help get the economy going.”
He continued: “I hasten to say that George Osborne is not acting different to any other chancellor in the last 100 years. He is just tinkering with the system. There is no transformative action or policy, they are red herrings what the chancellor is doing.”
- Osborne’s plans to limit tax relief are just "red herrings", LondonLovesBusiness.com, April 10, 2017.
2. Complete with a Big Tex and a Tyrannosaurus rex, Texans from around the state rallied once again to keep the theological concepts of creationism and intelligent design out of school textbooks.
‘I want to make sure only the science facts go into our science books,’ said one participant, who told KVUE he traveled from San Antonio for Tuesday’s demonstration outside the office of the Texas State Board of Education.
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