Labour has accused Chancellor Rishi Sunak of prioritising a tax break for landlords over the need for affordable housing or help for renters.

Labour claims that Treasury calculations show the stamp duty holiday extension for England and Northern Ireland, announced on Wednesday, will cost some £1.6 billion in terms of lost potential revenue.

It also claims that the most recent data shows 34 per cent of homes bought in the 2019/2020 year were second homes, buy to lets or residential properties bought by companies.

Thus Labour claims the Chancellor has therefore given a £545m boost to landlords and second homeowners and says the money could instead have been spent to build 3,000 social rented homes – half the total built across England last year.

“The Conservatives have shown once again they have the wrong priorities, giving tax breaks to landlords and second homeowners while failing to tackle runaway house prices and build truly affordable housing” says shadow housing secretary Thangam Debbonaire.

And she adds: “After a decade of failure on housing, we needed a Budget that put us on the road to recovery and addressed the fundamental flaws in the housing market. Instead we got reheated policies with no new ideas on housing.”