Stamp duty cut could reap £4bn windfall

Good morning,

Heading into markets open, there is some relief that oil exports have bounced back to pre-Iran war levels. But the price of a barrel is still holding stubbornly over the $100 mark. All the same, market watchers are anticipating a mild boost for the FTSE 100 this morning.

Yet more pressure is piling on the Chancellor, this time from one of Britain’s biggest housebuilders. Berkeley Group has warned John Healey that the sector is in deep trouble, at risk of “slipping over an economic cliff edge”. He’s been urged to cut stamp duty to score a £4.2bn windfall for the Treasury, according to reports.

So, here’s everything you need to know this morning. We’ll be back in your inbox at noon with Midday Markets.

Matt

Whatever else Andy Burnham’s conference speech achieves, it has certainly opened up some major dividing lines in British politics – and some old wounds. The next election, when it comes, could well have Brexit on the ballot after the PM said he’s open to looking at everything from joining the customs union or entering the single market through to full fat EU membership.

This will be music to the ears of many, I know, but I prefer the Burnham of three months ago, when he said “I’m not proposing that the UK considers rejoining the EU,” and “I respect the decision that was made with the referendum”. For the avoidance of doubt he also said, “the last thing we should do right now is re-run those arguments,” writes City AM Editor-in-Chief Christian May.

Brent crude – the international benchmark for oil prices – traded near $100 per barrel on Tuesday morning after declining in the previous session.

It comes as JP Morgan projected that crude shipments have rebounded to 17.5m barrels a day – at around 98 per cent of pre-war levels, while product flows such as diesel and gasoline reached 3m barrels a day, or 58 per cent.

Stick with us throughout the day for the latest news from the London Stock Exchange and the wider business world, as soon as we get it.

The housebuilder also asked the government to cap stamp duty at one per cent for first-time buyers and downsizers. Sector rivals Bellway and Barratt Redrow – and homes portal Rightmove – have previously called for urgent action on stamp duty. 

Rob Perrins, the executive chairman of Berkeley, said in the group’s Budget submission: “Our position has always been that a stamp duty reduction on new-builds – especially around the investor surcharge, first-time buyers and downsizers – is the best and quickest lever.

“This is still needed alongside Your First Home to restart homebuilding in urban areas.”

British businesses are shelving spending on public relations and consultancy firms as they embrace the capabilities of PR tools, according to City AM’s latest Business Spend Pulse.

The share of UK firms who spent money on management consultants and PR services fell sharply in September to just 4.2 per cent, despite an overall 3.1 per cent year-on-year increase in total spending.

The FTSE 100 group revealed on Tuesday it had acquired London-headquartered Clarion Events for £2.3bn from Blackstone.

The deal brings over 100 business-to-business live event brands under the Informa umbrella, including the world’s largest consumer electronics and home appliances trade show, IFA Berlin, the International Casino Exhibition and the Defence & Security Equipment International that is held biennially at London’s ExCel.

Wall Street IPOs have slowed considerably since Elon Musk’s $75bn (£56.7bn) listing, damaging what was once expected to be a quarter chock-full of floats.

Smart-ring maker Oura was the latest company to stall its listing just last week, while data centre company SB Energy, petrol station empire EG Group and nuclear energy firm Holtec have all also postponed.

The pauses have cast a dark cloud over the market, particularly for tech megacaps Open AI and Anthropic which were both expected to be hot on Musk’s heels back in the summer.

New blockbusters will be premiered for the first time ever in London later this month, when the London Film Festival returns to the capital.

Expect red carpets and some of the world’s most famous faces on the Southbank, as Gala screenings of some of the biggest film releases of 2026 attract international attention. 

Fifteen years after the Eurozone sovereign debt crisis, its old fault lines are beginning to reappear. Political risk is rising across Europe just as global bond markets are selling off. That is a toxic combination for highly indebted, low-growth governments whose finances become progressively less sustainable as borrowing costs rise.

After years in which central-bank backstops encouraged Eurozone investors to look the other way, the bond market has finally started to notice, writes Helen Thomas.

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