Good morning. Britain’s fiscal outlook is bleak. The chancellor, Rachel Reeves, faces the daunting task of closing a £40bn black hole in the public finances.
There is intense speculation over how she intends to, as runs that oft-used phrase, balance the books. This week, my colleagues have reported that the chancellor is considering a new “proportional” property tax. It would mark a radical overhaul of stamp duty and council tax.
