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Londoners who own expensive properties face a growing threat of hefty tax rises after Rachel Reeves stunned Westminster with a screeching Budget U-turn.

The Chancellor had all but confirmed that she would break Labour’s flagship manifesto pledge on tax , in order to raise income tax to rake in billions to shore up Britain’s crippled public finances.

But her subsequent shock decision not to break Labour’s manifesto has left her with billions to find to fill a shortfall in her fiscal plans ahead of the Budget on November 26.

Ms Reeves is now reported to be resorti

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