Britain Addresses Home Ownership Problems

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Since the Britons voted to leave Europe in the infamous Brexit vote, things have turned out worse than they had expected. For instance, with the Brexit negotiations ongoing, there are some people who are preparing for a squeeze on the living standards. However, there is one group that stands to lose from the whole process. It has been reported that with the current trends, there is a possibility that the current generation of young people stands a risk of becoming less successful compared to their parents. This will be the first time that such an event happens in modern Britain. The last time that this happened was back in the Middle Ages during the Black Death pandemic. This disturbing information was revealed by Philip Hammond. For starters, Mr. Hammond is British Exchequer Chancellor. He said this as he read the annual budget yesterday. Analysts argue that the prediction could prove disastrous for the leading party. This is a debate that emerged recently after it was revived by the Conservative Party. This debate was raised following the unexpected loss of the party majority in parliament. Following the decision of the old people to vote for the Brexit, young people had a chance to show their solidarity when they opposed the Labour Party. In these efforts, the young people were led by Jeremy Corbyn, who is a left-wing politician.

During the announcement, Mr. Hammond said that the housing sector would be very crucial. For instance, he argued that the older people in the country have benefited from the skyrocketing prices of homes. On the other hand, young people have found themselves in a tough corner where they have to pay higher rents. The situation is particularly complicated in southeastern England and London. He said that the government would abolish the stamp duty with immediate effect. For starters, the stamp duty is a certain form of tax that is paid in Britain by homeowners. However, this will only apply to people buying homes for the first time. Also, the home must also be over $397,000. Office for Budget Responsibility said that people should not be fooled by the tax being abolished. Instead, the group has warned that home prices could go high as a result. During the announcement, Mr. Hammond said that the government would offer approximately $20 billion that will go to those who embrace projects in construction of houses. He said that the government was still committed to offering affordable homeownership.

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