Poor Darling

As if Alistair Darling hasn’t got enough problems. Between 2006-7 stamp duty – the hated tax on property that’s been a good earner for the Treasury – rose by £1.8 billion.

But for 2007-8 they rose by only £175 million. With the collapse in the residential housing market it’s reckoned the total grab for this year will be £4 billion compared to almost £7 billion raised during 2007-8. Darling dithered so much about bringing in his promised stamp duty holiday the residential property market went into deep freeze.

The plans have been confirmed – at last – but it’s only a one-year-deal on homes up to £175,000, which in many parts of Britain might buy you a shoe-box (minus the lid). Too little, too late. Chancellors and housing ministers should serve time as landlords, estate agents, builders and surveyors, and work in the residential and commercial letting market before being allowed to lord it over all those who pay their wages.