Falling property prices leave Darling with £5bn black hole

Falling stamp duty revenues, caused by the dropping value of property and the stalling of commercial and residential markets, could have serious repercussions for the UK’s economy. The Liberal Democrats say the Government allowed Britain’s housing boom to go too far, and will now have to face the consequences. Lord Oakeshott, Liberal Democrat Treasury Spokesman, says: “Gordon Brown let Britain’s house party get out of control. Now Alistair Darling has been left with a £5bn Stamp Duty hangover. “The Chancellor had hardly sat down on Budget Day before the housing market fell off a cliff in...