Housing Secretary refuses to rule out mansion tax

There’s less than a month until Chancellor Rachel Reeves unveils her autumn budget and speculation is abounding about what taxes will make the cut. This morning, Housing Secretary Steve Reed came under pressure on LBC, as interviewer Nick Ferrari grilled him on the introduction of a possible mansion tax. Anxious homeowners will not be reassured by Reed’s response – after the Labour man refused four times to rule out a mansion tax. How curious…

There have been suggestions that that the Chancellor could impose a 1 per cent tax on the portion of property values over £2 million. Those owning homes worth £3 million would pay £10,000 a year, with £4 million properties giving rise to a tax of £20,000 a year and so on. If the levy were to be introduced it would hit households in the capital city