According to reports from May 2026, a group of Labour MPs considered influential in any future leadership contest are calling for a major overhaul of the party's economic policies. Proposals include abolishing stamp duty on property purchases and introducing new wealth taxes, as well as reducing the power of the Treasury.
The plans, which have not been officially confirmed by the Labour Party, were reportedly discussed in internal meetings. The MPs argue that the current tax system is outdated and that stamp duty in particular discourages home ownership and mobility.
No official statement has been released by Labour leadership, and the proposals remain speculative. The party has not commented on the reports, which first appeared in British media on May 11, 2026.
