Stamp duty move could revitalise flagging sector

FINANCE Minister Brian Cowen announced fundamental reform of the stamp duty system yesterday in a bid to boost the flagging property sector.

Outlining his fourth budget, Mr Cowen said the global economy “is beset by uncertainties, financial markets are highly volatile and the construction sector domestically is experiencing a slowdown”.

Nonetheless, he stressed the fundamentals of the economy “are still good”, but admitted: “It is fair to say that the prospects are for somewhat more modest growth than we have become accustomed to.”