Former BoE governor Lord King slams potential 'mansion tax' proposal – report

There have been rumours circulating that chancellor Rachel Reeves could be looking to impose an annual 1% tax on the value of a properties over £2m. This tax proposal would mean that the owner of a £3m home would be charged £10,000 every year. King described this change to The Times as a "back of a fag packet" and that it could damage the economy. It is said that the ‘mansion tax' could raise between £2bn and £3bn a year for the Treasury. King is a British economist and public servant who was governor of the BoE from 2003 to 2013.  He told The Times: "Property taxes are an inter...