The problem with a 7% stamp duty is it perpetuates a bad tax

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It's forecast we'll get a 7% stamp duty on properties costing more than £2 million today.

The problem with that is it perpetuates a bad tax and does not replace it with a better tax. That would be a land value tax.

This is a fudge, and a poor fudge and is pure political expediency when what is needed is real thinking about how we create a proper progressive tax system and one that reduces and not increases distortions.

But I guess we can't expect that of a purely political chancellor.