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Former Bank of England governor Mervyn King criticises potential mansion tax
Mervyn King warns a mansion tax alone cannot address the UK's multi-billion-pound fiscal gap, urging a comprehensive tax system review instead.
- On Sunday, Mervyn King, former Bank of England governor, criticised the proposed mansion tax and said the government lacks a coherent strategy, while Chancellor Rachel Reeves considers it in next month's budget to address a multi-billion pound black hole in United Kingdom public finances.
- Facing a shortfall, the government considers tax rises and spending cuts as Economists say Ms Reeves must find between 20 and 50 to meet 2029/30 goals.
- But Lord King warned, `Property taxes are an interaction between stamp duty, council tax, capital gains tax, inheritance tax`.
- King cautioned that ministers often match an OBR number then seek quick fixes, describing that as ad hoc and unstrategic, risking breach of manifesto commitments, which he called `Very unwise`.
- King urged ministers to be candid about past pledges and recommended careful planning of tax reform, while Reeves warned recent fiscal missteps caused inflation and interest rates to surge.
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Total News Sources4
Leaning Left1Leaning Right0Center3Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
L 25%
C 75%
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