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Former Bank Chief Urges Delay on Tax Increases

10/27/2025

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Summary

Story summary

Lord King, former Bank of England governor, criticized UK Chancellor Rachel Reeves for lacking a coherent tax strategy.
He urged delaying tax increases for a year and warned against relying on forecasts from the Office for Budget Responsibility.
King voiced concern about a mansion tax and cuts to the tax-free cash ISA allowance.
He recommended forming a group to evaluate the tax system over next year rather than quick fixes.

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Story summary

Lord King, former Bank of England governor, criticized UK Chancellor Rachel Reeves for lacking a coherent tax strategy.
He urged delaying tax increases for a year and warned against relying on forecasts from the Office for Budget Responsibility.
King voiced concern about a mansion tax and cuts to the tax-free cash ISA allowance.
He recommended forming a group to evaluate the tax system over next year rather than quick fixes.