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Chancellor Proposes Mansion Tax Amid Rising Living Costs

11/22/2025

Summary

Story summary

Chancellor Rachel Reeves plans a mansion tax in the Budget, targeting homes valued at £1.5 million or more.
The measure could affect about 300,000 properties, including around 100,000 flats, with bills potentially above £6,000 annually.
Critics, including Shadow Chancellor Sir Mel Stride, say the levy unfairly penalizes middle-income families and could widen regional disparities.
The Budget will be announced on November 26 as households face rising energy costs and inflation.

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Story summary

Chancellor Rachel Reeves plans a mansion tax in the Budget, targeting homes valued at £1.5 million or more.
The measure could affect about 300,000 properties, including around 100,000 flats, with bills potentially above £6,000 annually.
Critics, including Shadow Chancellor Sir Mel Stride, say the levy unfairly penalizes middle-income families and could widen regional disparities.
The Budget will be announced on November 26 as households face rising energy costs and inflation.