The Prime Minister has had a tumultuous week with two by-election losses, however is hoping to show the tides by introducing a spherical of cuts.

With an election on the horizon, Thursday's losses within the Tamworth and Mid Bedfordshire by-elections do not bode nicely for the Tories.

To fight this, senior Conservatives are weighing up slashing stamp duty as a part of the 2024 election manifesto.

The hope is chopping stamp duty wouldn't solely profit Britons, however give the economic system a lift as individuals select to take benefit and transfer house.

One senior Tory advised The Times that lowering stamp responsibility can be “aspirational”.

A Tory supply advised the paper: “Cutting stamp duty would cost a lot of money but it is not a good tax because it disincentives people from moving, which is not good for the economy.”

Currently, stamp responsibility prices kick in at 5 % of the worth of a property over £250,000.

This will increase to 10 % for properties over £925,000 and 12 % for properties over £1.5 million.

The quantity you pay relies on whenever you purchased the property, how a lot you paid for it and whether or not you’re eligible for aid or an exemption.

A Downing Street spokeswoman declined to touch upon the studies and added: “I wouldn’t be able to speculate ahead of a fiscal event.”

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