UK PM Andy Burnham rules out stamp duty changes in next Budget; what it means

Britain's newly elected Prime Minister Andy Burnham on Monday ruled out any changes to stamp duty in the government's next budget, signalling that homebuyers and property investors should not expect relief from the tax later this year.Asked whether the government planned to reform or abolish the levy, Burnham said, "Yes, I can say that quite clearly. That won't be happening."He added that the government's focus was elsewhere. "It's just not the case that we are bringing forward plans on that scale at this moment in time... What we're trying to do though is to make taxation fairer."Burnham has previously indicated that taxes may need to rise to help fund growing public spending commitment, reported Reuters.In its 2024 election manifesto, the governing Labour Party ruled out increasing the main rates of income tax, national insurance and value-added tax, which together account for nearly two-thirds of Britain's tax revenues.