BUDGET - Rishi Sunak has been appointed Britain’s new chancellor of the exchequer at a time that the government is moving strangely leftwards. Rishi whose father was a doctor went to posh Winchester College and then to Oxford University. His meteoric rise has certainly surprised a few.
The government is considering two significant moves in the budget due on March 11th. The fist is imposing a ‘mansion tax’ on very expensive homes and the second is cutting pension tax relief for higher earners. The mansion tax could be an annual levy on expensive homes or a higher council tax band.
The pension reform may mean cutting tax relief on people who earn more than £50,000 a year from 40% to 20% to raise an extra £10bn a year. Other raids on capital gains, inherited money and profits are reportedly being considered according to the Economist.
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