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Daily Market View 04-11-2025

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1:30

Reeves Weighs Mansion Tax, Exit Tax to Fill Black Hole

1 Minute Market Rundown

Chancellor Reeves laid groundwork for higher taxes come the 26th in speech this morning.
GBP trades at April low against the Dollar, little better against the Euro as budget anxiety grows.
Levy on larger private homes and exit taxes for emigrees considered, according to source.

GDP-

The budget press machine is well and truly churning with the Chancellor herself getting some PR this morning by laying the groundwork of what must already be glaringly obvious.

Tax hikes are clearly inbound, especially following the OBR's downgrade to their UK productivity outlook by 0.3%, putting a £21bln black hole in public finances.

Screenshot 2025-11-04 084025

Sources close to the Government are suggesting that higher levies on larger "mansion" houses and exit taxes on emigrees will be wheeled out to help. But both schemes would only pull in an estimated £5bln between them, not a great start. Of course, all of this is being done because of an OBR downgrade, the OBR which would struggle to predict what time noon is correctly.

Nevertheless, it is the pretext for these coming tax hikes, as for spending cuts, no mentions yet.

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