Key facts
- UK Chancellor John Healey's budget aims to stop wealthy investors from leaving the country.
- The budget will not match capital gains tax to income tax.
- Banks will face a new levy.
- Measures to reduce business red tape are planned.
- A mansion tax on properties above £2 million is reportedly being dropped.
- Prime central London property prices saw quarterly growth of 0.3% in September.
UK Chancellor John Healey has presented a budget aimed at preventing wealthy investors from leaving the country and stabilizing public finances. The plan includes a new levy for banks and measures to cut business red tape, while signaling that capital gains tax will not be aligned with income tax. Healey's goal is to provide cost-of-living relief and restore confidence among investors and businesses. Property market analysts hope that proposed taxes, such as a broader mansion tax on properties over £2 million, will be abandoned to foster stability. Prime central London property prices saw their first quarterly growth in four years in September, though sales of high-value properties dropped significantly after a previous budget raised stamp duty.