- News
- UK
- UK Politics
Chancellor to unveil series of measures in highly anticipated Budget on Wednesday
Athena StavrouMonday 24 November 2025 08:41 GMTComments
CloseLabour minister apologises for speculation around budget
Sign up for the View from Westminster email for expert analysis straight to your inbox
Get our free View from Westminster email
Get our free View from Westminster email
Email*SIGN UPI would like to be emailed about offers, events and updates from The Independent. Read our Privacy notice
Rachel Reeves is set to hit thousands of Britain’s most expensive properties with a new levy as she prepares to lay out her highly anticipated Budget this week.
The chancellor is said to be targeting the wealthy with new taxes as she hopes to balance the books with a series of measures to be announced on Wednesday.
A new levy could be applied to some of the most valuable homes, known as a “mansion tax”. The move would reportedly revalue some of the most valuable properties across council tax bands F, G and H and hit 100,000 of them with a new surcharge.
The mansion tax was being suggested as a 1 per cent levy on properties worth £2m or more, but there is an expectation that it may be set much lower at a maximum of £5,000 because of concerns about the London housing market.
It is one of a series of wealth taxes Reeves is set to unveil to fill the spending black hole in her budget with other measures expected to include a profits tax on gambling companies demanded by former PM Gordon Brown, and a levy on bank profits.
Key Points
- Rachel Reeves set to hit thousands of properties with new mansion tax
- Minister apologises for Budget rumours
Editorial: After all the hype and confusion, Reeves’s Budget must deliver clarity, stability and direction
Britain deserves more than mixed messaging and policy drift.
After weeks of premature proposals, the chancellor must deliver a Budget that provides the confidence and coherence so far lacking in both her stewardship and Labour’s broader economic direction.
Read The Independent’s editorial here:
After all the confusion, Reeves’ Budget must deliver clarity, stability and direction
Editorial: Britain deserves more than mixed messaging and policy drift. After weeks of premature proposals, the chancellor must deliver a Budget that provides the confidence and coherence so far lacking in both her stewardship and Labour’s broader economic directionAthena Stavrou24 November 2025 08:41Freezing tax thresholds will 'break the letter' on Labour manifeso
Helen Miller, director of the influential think tank the Institute for Fiscal Studies, said freezing the income tax threshold would “break the letter” of Labour’s manifesto.
“Assuming that it’s done the same way that it’s been done so far, it will also be a freeze in national insurance thresholds.
“It will therefore also be an increase in national insurance, and if so, in my mind, it would also break the letter of the manifesto, which said no increase in national insurance,” she told The Westminster Hour on BBC Radio 4.
On Wednesday, the Chancellor will reveal the Government’s latest set of tax and spending policies (Lucy North/PA) (PA Wire)Athena Stavrou24 November 2025 08:40Minister apologises for Budget rumours
Labour minister apologises for speculation around budgetAthena Stavrou24 November 2025 08:36Rachel Reeves set to hit thousands of properties with new mansion tax
Rachel Reeves is set to hit thousands of Britain’s most expensive properties with a new levy in her Budget.
A new tax could be applied to some of the most valuable homes, known as a “mansion tax”. The move would reportedly revalue some of the most valuable properties across council tax bands F, G and H and hit 100,000 of them with a new surcharge.
The mansion tax was being suggested as a 1 per cent levy on properties worth £2m or more, but there is an expectation that it may be set much lower at a maximum of £5,000 because of concerns about the London housing market.
(Getty/iStock)Athena Stavrou24 November 2025 08:36More about
Rachel ReevesBudgetChancellortaxesJoin our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments
