Kit Malthouse MP: speeches 2025

Speeches

• 26 Nov 2025 · Budget Resolutions · Hansard source

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  Let me begin by drawing attention to my entry in the Register of Members’ Financial Interests, not because I believe there is a conflict, but because it illustrates the fact that I am one of those sadly rare individuals in the House who have spent the last 30 years owning and building a business. Hopefully, it also illustrates that I know whereof I speak. I sincerely wish, on behalf of my employees and my constituents, that I could welcome today’s Budget. Before I am a Conservative, I am a British citizen, and I want the country to win. All of us should hope that any Budget, delivered by any Chancellor of any party, will put the country on a sound footing for a prosperous future. Sadly, today’s Budget was, to me, most redolent of the omnishambles Budget of 2012. We have to admit, as a party, to mistakes that we have made in the past. That Budget attempted to be politically smart to satisfy the Government’s Back Benchers, but in the hours and days that followed, it quickly unravelled, and I must tell Labour Members that I think exactly the same will happen with this Budget, because it is full of contradictions and incoherences in seemingly small areas. Take electric vehicles. I declare an interest, as the driver of an electric vehicle. The Government are pumping money into subsidising the roll-out of charging—indeed, there are grants for take-up—but the pence per mile being charged will discriminate against particular groups who need their cars, such as the disabled and the elderly, and against those in rural constituencies, who will be seriously disincentivised. It will also have a psychologically damaging impact on people who are thinking about buying an electric vehicle. Another of those areas is the housing market. We seem to think that an attack on landlords and the higher end of the market will not have an impact on the rest of the market. I am afraid that Labour Members will hear their constituents squealing, given the inflated prices in the capital, and I think that measures on housing, too, will unravel pretty quickly. The Chancellor said that she wants to encourage co-operatives and employee ownership, yet she has dealt a hammer blow to employee ownership by reducing by 50% the tax incentives for owners to transfer businesses to their employees, so we will see less of it. Much was made of the apprenticeship changes and the roll-out of nurseries. That is great, but hidden in the Blue Book is a £7.5 billion hit to students and an overall reduction in per pupil funding in education. All of these things will be revealed in the days to come.

• 26 Nov 2025 · Budget Resolutions · Hansard source

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  That is a very good way of putting it. The other way of putting it is to say that there is a huge attempt to gaslight the country and, I am afraid, Labour Members about what is actually being proposed. Let me give another example. We are told that the Government are trying to encourage business investment, yet the Blue Book contains a £1.5 billion reduction in incentives for business investment. The contradictions are clear, and I urge Members to read the Blue Book, because the Chancellor is relying on us not reading the leaked book. Sometimes it is quite impenetrable, and sometimes it is quite difficult to understand, but there are some key things that I want to point people to, if I may. First, I ask Members to turn to paragraph 1.3 of the executive summary, which tells us that, contrary to what the Chancellor said, debt will rise over the next few years. Debt moves from being “95 per cent of GDP this year and ends the decade at 96 per cent of GDP, which is 2 percentage points higher than projected in March”. That was the first thing she said that was incorrect.

• 26 Nov 2025 · Budget Resolutions · Hansard source

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  The hon. Lady raises a very good point, which I will come on to shortly. All of this points to the fact that, let us be honest, this is not actually a Budget about growth. I only left the Chamber for half an hour to have a cup of tea, and all the speeches that I have heard from those on the other side of the House—the “far left” side, or whatever it might be—have been about redistribution. They have all been about how pleased Labour Members are at the redistribution that is going on. That is fine, but I wish their Front Benchers would be honest about what they are trying to do, because they are sacrificing the prospect of future growth for the economy in order to tick the box on Labour Members’ political demands about redistribution. That is fine, and we have been here before. As hon. Members have said, we have been through most of these scenarios before. I am only just old enough to remember, but it happened in the 1970s. That was when we last had an openly redistributive Government—forget Tony Blair, because he was not about that—and we saw what happened to growth as a result. To me, four things were broadly missing from this Budget. First, there very obviously is no governing philosophy of the political economy that any of us can discern. There is no plan or strategy. There is maths, there are inputs and outputs, and there is political box-ticking, but there is no sense of what kind of economy we are trying to build. There was a nod towards it in the desire to review the enterprise investment scheme and venture capital trusts, but that is really about trying to keep the lobby groups in the City happy. There is no plan to build an energetic economy. Secondly, as has been said by a number of Opposition Members, there is no comprehension of how this Government—and I have to say, sadly, previous Governments—have damaged the return on risk. A number of Members have said that capitalism relies on risk. People go out there to invest, to risk their own money and to buy businesses, and they do that calculating the return they are going to get. If we continue to tax that return, to regulate that return and to make that return less attractive, fewer and fewer people will take that risk. If we want a scale-up economy that takes advantage of the scientific and technological inventions that we are so good at producing, we have to reduce the impositions we put on risk and make it worth while. Thirdly, we did not have any talk about frictional taxes. The Chancellor was trumpeting growth this year, but the only reason we had a bump in growth this year was the closing of the stamp duty window, when people rushed—

• 26 Nov 2025 · Budget Resolutions · Hansard source

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  My hon. Friend is exactly right. It is worth remembering that if we had not gone through a period of austerity post the financial crash and the mess that we inherited, we would not have been able to rescue the economy during covid. We would not have had the headroom that allowed us to re-leverage the country in emergency circumstances. I wish that we now had the same foresight. Paragraph 3.13 of the Blue Book points out that, in the OBR’s view, there is nothing in this Budget that will do anything for growth. The OBR has declined to revise its previous output predictions because the Budget does nothing for growth. Finally, the fourth bullet point in paragraph 1.28 points out that the tax-to-GDP ratio will become the highest it has ever been in this country and will constrain business incentives for the future. I urge colleagues to read the Blue Book—the truth lies therein. We find ourselves in a position where we have a Budget that is trumpeting itself as a triumph, but which is nevertheless producing the highest tax rate of all time, completely flat and anaemic growth, and inflation and interest rates—they are in the Blue Book—that will be higher for longer than they otherwise would have been. The outlook has worsened since March, to the extent that the OBR makes a point of it.

• 26 Nov 2025 · Budget Resolutions · Hansard source

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  I will not give way, because I am running out of time. People rushed to fill the void, and we saw a bump in growth in the first half of the year, but since then it has been tailing off. We have to focus on the fact that frictional taxes do enormous damage. Finally, we are at the bottom of an ellipse in human achievement, particularly in this country. If we do not get capitalism right in the UK to take advantage of that, as we did during the Victorian era, we will not build wealth for the centuries of the future, and we or our children will not live off the profits of this period.

• 25 Nov 2025 · COP30 · Hansard source

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  I am grateful to learn from the hon. Member for Walthamstow (Ms Creasy) that I am not the only person who was not invited to COP30. But I followed it closely and was very pleased to see the emergence of the Belém 4X agreement, which committed its signatories to quadrupling the production and deployment of sustainable fuel molecules by 2035. That would include, most importantly for the United Kingdom, green hydrogen. Unfortunately, while I could find the names of India, Italy and, obviously, Brazil on the agreement, I could not find the United Kingdom’s name. Did I miss it?

• 25 Nov 2025 · Pension Investment in UK Equities · Hansard source

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  I get the example that the Minister talks about, but I think he misunderstands or perhaps misappreciates how the retail investor thinks. They do not necessarily think, “If I put £1,000 in now, in 20 years’ time it will be worth this.” They think, “If I put £1,000 in now, what is my return going to be next year? What is my running return going to be?” And it will be a percentage return on the dividend. That is why we have a P/E—price-to-earnings—ratio for every share; that is what investors look at. If that is impaired because of taxation and the return is reduced, as it has been over the last few years, they will be less inclined to invest. That, fundamentally, is the pattern that we have seen. The Minister never says this, but in the end, people invest in listed stocks and shares, whether through their pension or otherwise, to make money. They are not doing it for the good of anybody else. They are doing it to make money, and if they are going to make less money, or the perception is that they will make less money, because of Government taxation, they will do less of it. Would he not agree?

• 25 Nov 2025 · Pension Investment in UK Equities · Hansard source

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  I agree with the hon. Gentleman’s views about mandation, as the Minister knows, but would he care to comment on its impact on the appetite for risk? We have learned from my right hon. Friend the Member for Salisbury (John Glen) that since the change in taxation, the general trend in pension funds has been for managers to de-risk and to go into passive funds. If they do so, no one can complain, they are not taking any risk, they do not have to outperform or underperform the market and they get what they want. If they can pass off yet more risk to the Government and effectively sit there and get paid to be told by the Government what to invest in, they will bite the Government’s hand off, will they not?

• 25 Nov 2025 · Pension Investment in UK Equities · Hansard source

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  My right hon. Friend makes an interesting point about the change from defined benefit to defined contribution and the impact of the taxation changes that brought that about. Would he care to comment on whether he sees that as part of an unwitting repricing of the return on risk, which has impacted not only on pension funds, but more widely? He said that pension fund investment in the market is down, but retail investment in the market overall is also down very significantly. It feels like the British people as a whole have lost their appetite for risk, and that might be because the return on risk is now too highly taxed.

• 19 Nov 2025 · Engagements · Hansard source

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  Q1. If he will list his official engagements for Wednesday 19 November.

• 19 Nov 2025 · Engagements · Hansard source

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  Many of us are becoming concerned that technical or procedural manoeuvres outside this House may be used to prevent Parliament from reaching a decision on the Terminally Ill Adults (End of Life) Bill. The Government are neutral on the Bill itself, but I presume they are not neutral on the issue of democracy or the primacy of this Chamber. Will the Prime Minister reassure the House that the decision of elected Members—and, indeed, the wishes and hopes of the vast majority of the people we serve—will not be frustrated in this way?

• 18 Nov 2025 · Gaza and Sudan · Hansard source

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  I am afraid that the Foreign Secretary has neatly illustrated the problem with the British Government’s position in the conflict between Israel and Palestine. She mentioned the welcome return of Israeli hostages, but made no mention of the Palestinian detainees who have been returned to their families. She mentioned the return of the bodies of Israelis, but made no mention of the dozens of bodies of Palestinians that have been returned to their families. Can she not see that until we value both people equally and bring accountability to both peoples, we will make little progress in this appalling situation? Specifically to avoid accusations of illegitimacy, how will the Palestinians be represented on this board of peace? Secondly, the UN resolution puts significant conditions on the Palestinians to ensure compliance. What conditions are being put on the Israeli Government to ensure their compliance in this project? Thirdly, the situation in the west bank is not just “appalling”, as the Foreign Secretary said in her statement, but the worst it has ever been, as the hon. Member for Aylesbury (Laura Kyrke-Smith) said. Will the Foreign Secretary fall into the same trap as her predecessor of being all talk and doing the bare minimum to keep those on her Benches from open revolt, or will she step forward and bring accountability for the daily acts of violence and terrorism that are taking place?

• 13 Nov 2025 · Planning and Infrastructure Bill · Hansard source

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  I completely agree with the hon. Lady. In my constituency, I have groups of volunteers who work very hard, including on the Anton river in Andover, and do a fantastic job. In fact, that river flows through part of the town centre, but gets lost, and it is about to be opened up with a new riverside park running down Western Avenue. I am pleased to say that I played a small part in that scheme obtaining a levelling-up grant from the previous Government. People in my constituency value these chalk streams almost as if they are members of their family. They are part of the identity of towns such as Whitchurch, Overton, Andover and other villages in my patch and yours, Madam Deputy Speaker. They would take the protection of those chalk streams almost as seriously as the protection of their children. Many Members—not just me—have campaigned for such statutory protection, and I would be interested in what the Minister has to say. I do not entirely accept his argument that spatial development strategies are completely inappropriate. As he knows, they can flag up areas of planning constraint and discuss corridors and green infrastructure. If there is a green infrastructure corridor, it is a chalk stream. Certainly in my part of the world, they are treasured such that a new mayor—if we have one next year—would be required to look at them as protected corridors and say as much in their plan.

• 13 Nov 2025 · Planning and Infrastructure Bill · Hansard source

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  I do not wish to detain the House terribly long; I just want to cover three matters, if I may. The first is Lords amendment 38, which deals with chalk streams. As the Minister knows, because I have told him before, my constituency is chalk stream central—as is yours, Madam Deputy Speaker, as my constituency neighbour. The River Test, the most celebrated of chalk streams, rises in the north of my constituency. We also have the Anton, which flows through Andover, and most famously the Bourne rivulet—about which books have been written, such is its beauty and importance. I know the Minister appreciates the importance of these incredibly rare ecological environments, which are almost unique to southern England. I heard what the Minister had to say about the appropriateness of spatial development strategies for protecting chalk streams, but he will know that those of us who are concerned about this issue have been disappointed by the seeming reduction of enthusiasm for protection of chalk streams since this Government came to power. Obviously, the chalk stream recovery pack, which had been hard-won in negotiations with the previous Government, was abandoned. In May, amendments to this Bill that sought to protect chalk streams further were voted down. The Minister is a good chap—he and I get on well—and at every stage he has reassured the House that he wants to do more for chalk streams, but we have yet to see the beef. Even today in his opening remarks, he said that he is minded to take further steps elsewhere to protect chalk streams. Given the Government’s record over the past 12 months or so, I am afraid that that is not terribly reassuring, so when he sums up, I would be very grateful if he could be a little more detailed about what exactly he intends to do.

• 13 Nov 2025 · Planning and Infrastructure Bill · Hansard source

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  I completely agree with the right hon. Gentleman. Interestingly, he may or may not recall that when I was a Westminster councillor, we had a project in Westminster called “Hidden Rivers”, which signposted where those rivers were. If any Members find themselves on the platform at Sloane Square station, for example—just a couple of stops away—and look upwards, they will see a socking great big pipe going across the top of the platforms carrying the River Tyburn. It rises at Marble Arch, where Tyburn convent is, and where the Tyburn tree used to stand for hanging people. It flows down, across the platform and into the Thames. The same is true, I think in the right hon. Gentleman’s constituency, where the Fleet flows down towards Fleet Street and into the Thames. People value and treasure such rivers, and they should be protected. I want to hear a little more on that from the Minister. For those of us who would support new settlements, for example, SDSs might be important for the protection of chalk streams, because they can point towards the areas where new settlements should be and protect such things as river catchments. For chalk downland constituencies like mine, that is key. While I accept that the Minister will get his way and get his party to vote for the second time against protection for chalk streams in this Bill, I would like to hear a bit more detail on what he is minded to do—I take him at his word—how firm that mindedness is, and when we can expect some of the protection to come forward, because this is an urgent matter on which many of us have campaigned for many years. The second thing I lament about the Bill, and ask the Minister to clarify, is its impact on neighbourhood plans. I have asked him this question in the past, particularly in the light of new housing targets. Both my borough councils, Basingstoke and Deane, and Test Valley, have had significant increases to their housing targets. I do not mind that necessarily, but the question is where those houses go. I have encouraged villagers and communities across my constituency to take advantage of neighbourhood plans and to put them in place. The significant alarm now is that some of the local plan implications from the new housing targets that are flowing through are riding roughshod over those neighbourhood plans, some of which took years to put in place. The Minister has given me an undertaking in the past that extant neighbourhood plans would not have to be varied in the light of those new housing targets, until they came up for refresh, and that constraints, such as protected landscape, would pertain. I would be pleased if he could reassure us on that point when he sums up.

• 13 Nov 2025 · Planning and Infrastructure Bill · Hansard source

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  I understand the undertaking the Minister is giving, but he will recognise that all of this is guidance; it does not preclude planning decisions that will impact on chalk streams. Given that he is set on his course, which we understand, and his appreciation of the fact that the amendment was proposed in the spirit of addressing the lack of any other sort of protection for chalk streams, will he reassure us that the intention in the planning guidance is to give chalk streams the same sort of protection as was put in place for, for example, veteran trees, which are deemed to be irreplaceable? That is the highest level of protection in planning guidance—I think I introduced this as Planning Minister. In that way, only in very exceptional circumstances could permission be granted for development that would impinge on chalk streams.

• 13 Nov 2025 · Planning and Infrastructure Bill · Hansard source

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  I sort of agree. We should be pushing developers towards brownfield—that is absolutely right. Brownfield first was the policy of the previous Government, and it makes lots of sense. The key thing, which I am sure the Minister accepts, is that if we are to overcome this problem with the generational contract—that we who are housed will build houses for those who are not—there has to be a compromise. For me, that compromise has always been neighbourhood planning. Far too often in my constituency, villages and towns feel as if planning is something that is done to them. They dread the land promoter showing up to ram some inappropriate planning through. Some of that compromise can be about beauty, and I lament the fact that the design standards were taken out of the NPPF and that that word is not used. [ Interruption. ] I welcome the Minister’s nodding—that is great. I have often said that in my constituency—for Members who do not know, it is 220 square miles of beautiful chalk downland—if developers would build thatched cottages, we would have thousands of them. People would be more than happy for developers to build villages such as St Mary Bourne all over the place, if they look beautiful and fit in. Unfortunately, we get the same ersatz development that everybody else gets around the country. We need to crack that. The other thing is putting planning in the hands of local people, and I hope the Minister will try to preserve that principle in the Bill. My third point, briefly, is about an omission in the Bill that the Minister and I have discussed before, which is the problem of undeveloped consents. My concern is that the Bill will stimulate the land promotion industry and stimulate lots of applications. However, as the shadow Minister pointed out, when the housing market is flat, stamp duty is at penal rates, when interest rates remain stubbornly high because of Government borrowing, and when the development industry is crippled by taxes, we will not get the level of development that the Minister aspires to—certainly not towards the 300,000 a year target and 1.5 million by the end of the Parliament. Instead, we will see a stacking up of consents, as we have seen in some parts of the country already, where there are thousands and thousands of undeveloped consents. The industry will bank them. In the absence of a market into which it can sell, it will occupy itself by banking the land for times when hopefully things will come good. Similarly, I am afraid that we will see some of the large infrastructure projects going through the process—the Minister and I are keen to see them accelerated—but people waiting for more propitious economic times to bring them forward, notwithstanding the lack, therefore, of the facility to the British public. I urge him to consider, as he looks to the next stage of his planning reforms, what he will do on undeveloped consents. I think I have said to him before that the Government should force local plans to have a 10-year housing supply that also takes into account granted consents. Then, developers can see a 10-year horizon, as can local authorities, but they also can see that if they want a life beyond 10 years, they will have to start developing that which they already have. If we deal with that issue, we will also deal with quite a lot of the resentment people feel when they see particularly large-scale planning applications coming forward. They ask, “We’ve already got 400 down the road that haven’t been built. Why do we have to take another 400?” Of course, the local council has to put huge amounts of work into the local plan, notwithstanding the fact that it might already have a five-year supply that has been consented but does not count toward the future target. This is a problem that Governments, including my own, have struggled with for some time, and it is one I struggled with when I was Housing Minister, but I hope the Minister will give some thought to at least giving councils the option of having a 10-year supply in which granted consents count. He might well find that he gets a lot more houses built.

• 12 Nov 2025 · Life Sciences: Economic Growth · Hansard source

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  I am chair of the all-party parliamentary group on life sciences, so I know only too well that the industry, which has hitherto been a jewel in our crown, has been struggling to justify further such investment in our economy. Could I press the Secretary of State further on her answer to my hon. Friend the Member for Havant (Alan Mak), and ask her to reassure the House that she has put in a specific, ambitious and vigorous proposal to the Treasury in advance of the Budget to recognise that the life sciences industry is taking more risks than other kinds of investors?

• 12 Nov 2025 · Taxes · Hansard source

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  The shadow Chancellor is laying out compellingly the calamitous choices that were made at the last Budget. Does he agree that fundamentally underlying them is the most calamitous choice of all, which was the strategic decision that the public sector would be expanded and the private sector contracted? The crowding out of the private sector is resulting in this doom loop that we are trapped in. We have fewer and fewer wealth creators and businesses paying for this bloated public sector, and their ability to shoulder that burden gets weaker by the day.

• 12 Nov 2025 · Taxes · Hansard source

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  On a point of order, Madam Deputy Speaker. I seek your guidance. The Minister has said that he is unwilling to discuss what might be in the Budget with the House. He did not, however, deny that he may have done so with journalists, or that he may have authorised others to brief to the media what may or may not be in the Budget. In the absence of that denial, are we within our rights to demand that the House be privy to what those conversations contained, in the same way that the business pages of The Times may have been?

• 12 Nov 2025 · Taxes · Hansard source

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  I hear what the Minister is saying about us waiting for the Budget. Could he reassure the House that he has not discussed anything that might be in the Budget with any journalist, and certainly that he has not authorised any members of his office or anybody within the Treasury press team to brief out some of the kites that have been flown about the Budget in the media over the past few weeks?

• 29 Oct 2025 · Gaza and Hamas · Hansard source

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  Once again, it is the children of Gaza who seem to bear the brunt of the violence, with reports that 35 of them were liquidated overnight in the casual dropping of bombs in retaliation. Equally as shocking is the realisation that there will be absolutely no accountability whatsoever for those deaths, likely no investigation into the targeting or intelligence used, and no sense of any punishment for what is very obviously a significant crime. Allied to that is the fact that it has proven quite a handy distraction from the significant violence and brutality taking place daily in the west bank. Given that we have now recognised Palestine as a sovereign nation, will there be any further measures to deter Israeli aggression on Palestinian soil?

• 28 Oct 2025 · Stamp Duty Land Tax · Hansard source

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  The hon. Lady should not assume from the outward utterances that there was not an internal conversation going on within the party about our tax strategy. Those in the Chamber who shared the Cabinet table with me will know that that was often a vigorous conversation. I will leave it at that.

• 28 Oct 2025 · Stamp Duty Land Tax · Hansard source

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  No, the people best positioned to decide where houses should go are local people. That is why, for many years, I have been a strong proponent of neighbourhood planning. It has been proven time and again that neighbourhood planning produces more houses—15% to 20% more—than other forms of planning, especially local plans. If we get the design right and put power in the hands of local people, they will very often make the right choices, not just for their community but for the next generation. A point that the shadow Chancellor has made powerfully is that we should recognise that a gummed-up housing market, which is currently stagnating, suppresses the renovation and construction supply chain. When people move house, they invest in redecoration; they invest in extensions, put a new roof on the house, build on the side, and do all sorts of things to their new house that are good, valuable, productive economic activity. At the moment, we are missing out on that activity.

• 28 Oct 2025 · Stamp Duty Land Tax · Hansard source

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  I will in a minute. The third point I want to make, which I guess is the one that might appeal most to Government Members, is that this tax is generationally unfair. Younger people move house more often, so they are more exposed to this tax. The younger someone is, the more likely they are to be building a family, to require more space, and to be moving up the ladder. Older people tend to sit still. They sit pretty on their capital, which is often in unmortgaged houses. Because of the lack of a market, they generally under-occupy the houses they own. When looking at stamp duty, we have to look at generational fairness, too. In my constituency, hundreds and hundreds of aspirational families need more space. They would like to move up the ladder. They have worked hard and accumulated a deposit and the money that would allow them to move, but they want to spend that money on curtains, carpets, decoration and all the rest of it. They are deterred from moving by this tax. If we are to be fair to the next generation, we have to not only build the houses that they want to buy, but make it cheap for them to buy them, and that means cancelling stamp duty. For all those reasons—to ensure fluidity and liquidity in a market that is skewed to produce artificially high prices; to ensure a market in which developers take a risk and build more houses, and landowners put land forward; but fundamentally for a generation who are being denied access to housing—we need to take seriously the idea that stamp duty is at the heart of the problem, and we need to abolish it entirely. The Liberal Democrats say that abolishing it will raise prices. It of course raises prices if we tell people that there is a window. That would result in frantic activity from those who are desperate to buy. If the abolition becomes permanent, we get a liquid market that achieves a real price, notwithstanding the initial bump. As for those who say that the savings cannot be found, we should be able to find this amount of money, given the size of the Government’s budget, as my right hon. Friend the Member for Beverley and Holderness (Graham Stuart) said. I had a look this morning, and I could find 50% of the amount in the Department for Transport’s budget, no problem. The other half could come from the welfare reforms on which the Labour party bottled it. We could easily find the money and do the whole country and the economy an enormous favour.