Darling addresses stamp duty and long term mortgages in Budget speech

Chancellor Alistair Darling addressed the property market in his 2008 Budget speech today by saying that more people should have the chance to have a long term fixed mortgage. In his Budget speech he said that a report showed that long term fixed rate mortgages can reduce the risks for first time buyers and can keep them on the housing ladder. He ordered the Treasury to consult on how to achieve affordable long-term fixed-rate mortgages, reporting back at this year's Pre-Budget Report.

On the issue of stamp duty, he said that from today, stamp duty on shared-ownership homes will not be required until buyers own 80% of the equity in their home.

Other Budget highlights

Darling also said in his Budget speech that the UK is "better placed than other economies" to weather financial storms, and that inflation would rise before returning to its 2% target in 2009 and remain on target thereafter. He said borrowing next year would rise to £43bn, 2.9% of national income.

The chancellor continued by saying that the government would do everything in its power to maintain stability and keep inflation low. He admitted that turbulence in global financial markets, starting in the US, had spread across the world - and that this poses a major risk to the world economy.

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