The Daily Telegraph launched a campaign last year after it emerged that stamp duty reforms introduced by the Government in 2014 had slowed the housing market and raised half as much money as forecast.

Treasury officials are understood to have reviewed the impact of the stamp duty changes in recent weeks but Philip Hammond, the Chancellor, has decided against taking any action in Wednesday's Budget.

The peer’s remarks came after the Institute for Economic Affairs warned that stamp duty "reduces labour mobility and also makes it more expensive for people to downsize or move home for other reasons”.

Lord Lamont told a meeting organised by Leave Means Leave that while income tax rates and corporation tax “are pretty competitive … we are putting tremendous pressure on other taxes”.