Kemi Badenoch has silenced her internal party critics with a rousing speech at the Conservative conference, unveiling a bold plan to abolish stamp duty on primary residences. The proposal, which would amount to a £4.5 billion tax cut funded by trimming benefit spending, was hailed by property expert Kirstie Allsopp and economists as a 'brilliant and bold' move.
In her barnstorming address to activists in Manchester, Badenoch insisted that only the Tories can 'save Britain' and roll back the 'darkest days' of decline. She sought to fend off talk of a leadership coup amid dire poll ratings, with one Tory veteran saying potential rivals like Robert Jenrick had been put 'back in their box'.
The stamp duty abolition, which applies to homes in England and Northern Ireland, was welcomed by the Adam Smith Institute, which suggested it could lead to 467,000 extra house sales per year. Economist Mitchell Palmer described stamp duty as 'one of the most destructive taxes on the books', trapping older people in oversized homes and locking younger people out of the housing market.
Badenoch contrasted her tough approach on spending and benefits with Reform UK's platform of 'free' giveaways, and outlined a £47 billion clampdown on benefits and wasteful spending. This would allow the government to reduce debt while scrapping Labour's hated taxes, including VAT on private school fees and the inheritance tax raid on farms.
Shadow cabinet ministers gave a rapturous reception to the speech, with one telling the Daily Mail it would be seen as 'the most significant speech since Cameron in 2007'. Aides were jubilant, following fears that Badenoch's first conference speech might be her last with local elections looming in May.
