Manchester, ambition and the scent of fresh paint
The conference centre in Manchester felt oddly like a museum of future plans — banners fluttering in a draft of empty seats, coffee urns hissing in the corners, microphones glinting as if waiting for history to speak into them. Outside, the crisp autumn air smelled of street food and diesel; inside, Conservative members shuffled programmes, compared notes and tried to conjure momentum.
When Kemi Badenoch took the lectern to close the proceedings, she offered a vision both austere and liberating: prune the state, reward enterprise, and tear down one of Britain’s long-standing levies on property — stamp duty on primary homes. It was the kind of promise that lands somewhere between a policy tweak and a cultural manifesto.
A bold promise: stamp duty gone
“Stamp duty is a bad tax,” Badenoch declared, looking out across an audience that had been watching polls and defections like weather reports. “We must free up our housing market. A society where nobody can afford to move or buy is a society where social mobility is dead.”
On its face, the policy is simple: abolish stamp duty land tax for people buying their main home. For many buyers — especially first-timers squeezed by deposits and rising rents — that could feel like an immediate win. For the Treasury, it’s a complicated subtraction: stamp duty receipts for the last financial year were estimated at about £13.9 billion, but that figure includes levies on second homes and commercial transactions.
Analysts at the Institute for Fiscal Studies (IFS) put the price tag for abolishing stamp duty on primary residences at roughly £4.5 billion a year. The Conservative leadership, suspicious of optimistic arithmetic, told delegates they had “cautiously” modelled the policy as costing closer to £9 billion. Either way, it’s a sizeable hole to fill in public finances.
How the party says it will pay
In the same speech, Badenoch outlined what she called a “golden rule” for budgeting: only half of any savings from spending cuts would be recycled back into the economy; the other half would be used to tackle the deficit. It was an attempt to portray the policy as fiscally responsible, not campaign fireworks.
She also announced plans to trim university student numbers — a move the Conservatives estimate would free up approximately £3 billion — and said that money would be redirected to double the apprenticeship budget. “If we can reduce red tape and invest in skills, we give young people workable pathways into careers,” she told delegates.
Policy bouquet and the arithmetic of promises
Badenoch’s closing pitch was not limited to one headline. The conference rolled out a suite of pledges: abolish VAT on private schools, unwind recent inheritance tax changes affecting farms, and scrap the carbon tax. Combined with other promises made across the week, the party put the cost at about £21.1 billion — a figure set against a claimed £47 billion in savings identified by the party’s own fiscal team. Numbers tangle into narratives quickly in a conference hall.
- Stamp duty receipts last year: ~£13.9bn
- IFS estimated cost of abolishing stamp duty on main homes: ~£4.5bn
- Conservative cautious estimate of cost: ~£9bn
- Estimated cost of conference pledges: £21.1bn
- Identified savings claimed by party fiscal managers: £47bn
The politics beneath the promises
If you listen to delegates over coffee you hear skepticism and hunger in the same breath. “We need something that people feel in their pockets,” said Sarah, a local councillor from Lancashire. “Stamp duty is a visible tax. If it helps a young family buy their first home, voters will notice. But will it fix rents? Will it stop house prices from shooting back up? That’s the worry.”
Across the corridor, a young estate agent laughed, half in irony. “If you make moving cheaper, you might get more churn. That could open up homes for people stuck in the wrong place. But as a market mechanic it could also push certain prices. The devil is in the details.”
Those details matter because the party’s conference has been shadowed by two storms: the electoral threat from Reform UK and a string of internal controversies. Nigel Farage’s party has been nibbling at the Conservatives’ voter base, and last week twenty councillors defected. Polls published during the conference continued to put the Conservatives behind the main challengers.
“There is a hunger for change that we must satisfy with ideas that work, not just slogans,” Badenoch insisted. She singled out Labour repeatedly, accusing them, James in the crowd joked, of “shaking the same magic money tree” — a rhetorically playful dig, but one aimed straight at the political center-left’s spending promises.
Empty seats and public unease
Images from the conference hall — rows of empty seats stretching beneath the chandeliers — became a visual shorthand for a party struggling for momentum. Delegates shrugged off the optics. “Numbers in the exhibition hall don’t tell the whole story,” Kevin Hollinrake, party chairman, told reporters. “Members are energized. We expect to see this translate in the polls.”
Yet the conference was not only about fiscal math. It carried a social undertow: debates about identity and integration bubbled up when a recording emerged of a senior party figure complaining about the ethnic mix in part of Birmingham. The exchange prompted accusations of tone-deafness and a debate about how the party addresses Britain’s multicultural realities.
“If we want to talk about social mobility, we must talk about community cohesion,” said Dr. Amina Rashid, a sociologist based in Manchester. “Taxes and apprenticeships are vital. But so is listening. People need to feel respected and included, which is a policy and a practice.”
Beyond Britain: what this tells the world
Across Europe and beyond, governments wrestle with the double bind of housing affordability and fiscal prudence. From Amsterdam to Sydney, abolishing or reducing transaction taxes has been tried as a lever to mobilize housing stock — sometimes with mixed outcomes. The British debate is, then, part of a wider conversation about whether tax breaks should be used to prime markets or whether targeted public investment and social housing are better levers for equity.
So here’s a question for you: when policymakers choose between cutting a tax that helps some buyers now and investing in structures that protect renters and future buyers, which do you trust will make the country fairer in twenty years’ time? Do you prefer immediate cash in people’s pockets or a slower, steadier reshaping of the market?
Closing notes — the day after
By the time the lights dimmed on the final day, delegates walked back into Manchester’s cool streets, clutching leaflets, arguing with friends, and planning the next steps. The stamp duty pledge will now ricochet through media cycles, economic analysis, and focus groups. It will be modelled and counter-modelled, cheered and vilified.
Policymaking is, at its best, a conversation between ideas and lived experience. The Conservatives have pitched a new chapter in that conversation: lower barriers to buying, reined-in state spending, and a renewed embrace of profit as a force for good. Whether that chapter convinces the country — or whether voters will demand different remedies to Britain’s housing crisis — is the real story that will unfold beyond the banners and microphones.
