New chancellor Kwasi Kwarteng has pledged to “get out of the way to get Britain building” as he announced sweeping cuts to taxes and regulations designed to put a shot in the arm of the flagging construction industry.

The stamp duty threshold will be doubled from £125,000 to £250,000 and raised for first time buyers from £300,000 to £425,000 in a permanent cut effective from today as part of a package of measures announced this morning.

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