Arla criticise Pre-Budget Report

News Category: Industry News

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Arla has expressed its disappointment with the Pre-Budget Report 2009 announced earlier this week by chancellor Alistair Darling.

The organisation, which represents the UK's letting agents, claimed the minister had failed to live up to promises to help the housing sector and that he had not included "any initiative that will make any difference".

His decision not to extend the stamp duty holiday was highlighted as an example of this.

Ian Potter, operations manager at Arla, commented: "The chancellor is unfairly penalising those investing in buy-to-let portfolios, who have to pay stamp duty on the bulk price when individual buy-to-let investors pay a lower rate on the individual unit price."

He stated that while the private rental sector is expected to bear the brunt of the shortage of housing in the country, measures to ensure good quality housing for people who need it were "severely lacking" from the Pre-Budget Report.

Earlier this month, an Early Day Motion was put forward by Lindsay Hoyle with the backing of a number of Labour MPs, including Jeremy Corbyn and Jon Cruddas.

This called on the government to extend the stamp duty holiday for properties worth less than £175,000.

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