Martin Lewis called the Treasury’s tweet ‘nonsense’
(Picture: Kirsty O’Connor/PA Archive)HM Treasury deleted an energy announcement after consumer champion Martin Lewis called it “nonsense”.
The Treasury’s tweet said: “Thanks to the Growth Plan, a typical first-time buyer in London moving into a representative terraced house will save £11,250 on stamp duty and £1,050 on the household’s energy bills – and, if they earn £30,000, almost an additional £400 on tax.
“This is around £12,700 in total.”
However, the MoneySavingExpert founder hit back and said: “This is nonsense. To make that stamp-duty saving, you’d need to be buying a £500,000+ property.
“With 10% deposit, cheapest-fix mortgage would cost £2,400/mth (£28,000/yr). How can someone on £30k afford that.
“I am asking Treasury to remove.”
This is nonsense. To make that stamp duty saving you'd need to be buying a £500,000+ property.
— Martin Lewis (@MartinSLewis) October 3, 2022
With 10% deposit, cheapest fix mortgage would cost £2,400/mth (£28,000/yr). How can someone on £30k afford that
I am asking treasury to remove. https://t.co/xaay1rOBGT
The tweet was deleted and a Treasury spokesperson said: “While the figures used were statistically accurate, we recognise that certain assumptions were made about the profile of the typical first-time buyer which were not reflected in this tweet.
“We take responsible messaging very seriously – which is why we have deleted the tweet in question.”
When interviewing Chief Secretary to the Treasury Chris Philp on Good Morning Britain, Lewis said: “This seems fundamentally irresponsible for the Treasury to be putting out this kind of statement in the middle of a cost-of-living crisis.”
Philip said he hadn’t seen the tweet but told Lewis: “You’re right to point out the anomaly between the salary and the house value and I’d be happy to take a look at it.”
