Housebuilders boosted by Boris Johnson no-deal Brexit budget
Housebuilders were among the biggest risers in the FTSE 100 this morning after Boris Johnson, the front runner to be the next prime minister, said he would slash stamp duty and tax in the event of a no-deal Brexit.
Berkeley Group shares were up 3.16 per cent today followed by Persimmon, which rose 2.63 per cent, and Taylor Wimpey saw a 2.41 per cent increase.
Read more: Housebuilders climb on Brexit delay
Johnson laid out plans for an emergency budget that would include heavy tax cuts, an overhaul of stamp duty and a crackdown on regulation.
The emergency budget is intended to ensure that the UK economy is “going gangbusters” by the Brexit deadline day of 31 October, The Times reported.
The former foreign secretary also pledged to raise the annual investment allowance much higher than the current limit of £1m and said he would prevent all new regulation in the event of no-deal.
Sources told the Times that Johnson will discuss the proposals at a meeting with Sir Edward Lister.
Read more: Housebuilders lead FTSE risers as no-deal Brexit threat fades
Speaking at a hustings yesterday, Johnson said it would be “absolute folly” to rule out a possible suspension of parliament in order to deliver Brexit.
“I’m not attracted to the idea of a no-deal exit from the EU but, you know, I think it would be absolutely folly to rule it out. I think it’s an essential tool of our negotiation,” he said.