Chancellor Rachel Reeves is facing last-minute pressure from Labour MPs in London and the south-east to scale back the scope of a “mansion tax” amid warnings that a possible £1.5mn threshold for the levy would be too low.
Labour MPs have warned Reeves that a council tax surcharge on the most expensive homes could hit the party’s support, especially in the capital. They want the threshold to be set at a higher level, potentially at up to £2mn.
People briefed on Budget preparations said the details of the high-end property charge were still “live”, with only a week until Reeves presents her financial package on November 26.
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