Could Boris Johnson really introduce a property tax?

Before the next government budget, rumors are running that Boris Johnson is considering the introduction of a property tax. The idea is simple; tax those who have large homes to finance infrastructure spending in the Midlands and the North. This would play into the scenario that Boris Johnson used in the general election and could possibly place another nail in the coffin of the current Labor party.

Does it make sense?

It seems strange that we are talking about a Conservative government that plans to introduce a property tax that would affect the wealthy of society. This is despite the fact that in 2015, former Labor Party leader Ed Miliband was widely considered to have lost the elections in part because of discussions over a tourist tax. Fast forward to December 2019 and the controversial ghost chancellor John McDonnell cut off all talk about a hotel tax policy, which he even considered too radical. So, is Boris Johnson playing games or does he really intend to tax the wealthy?

What is on offer?

It looks like there are two different proposals on the table that would create a source of annual recurring revenue. These are:-

An annual levy on high-value housing
The introduction of a higher municipal tax for more expensive properties

At first glance, this seems to go against the trend of the Conservative Party and what it represents. This could potentially alienate key voters while strengthening those in and around the red wall that was broken in the last election. However, could the Conservative Party have another program?

Most recent rumors

Slowly but surely, new rumors are emerging from number 10 that Boris Johnson has now decided not to introduce a property tax. If this is correct, it could prove to be a double blow to the British government. On the one hand, the original rumors suggest that he was taking seriously the possibility of introducing a property tax, a tick for former supporters of the Labor party. On the other hand, the main conservative supporters will feel that they have been listened to, which could strengthen traditional conservative support.

As we have seen in the past, high-level government budgets tend to attract some of the most bizarre rumors and counter-rumors. We know from history that incumbent governments will initially start with a huge list of potential taxes and reduce them slowly but surely. Maybe that's what's going on right now or it could be even more manipulation of wider media via the path of less subtle leaks.

Summary

The idea of ​​taxing the wealthy to pay for infrastructure spending in the Midlands and the north of England will echo many former Labor voters. It remains to be seen whether Boris Johnson will have the nerve to get through this, potentially alienating real estate investors and core conservative voters. He has a history of playing games with the press with leaks and counter leaks emerging from number 10 almost daily. Property investors had hoped that the introduction of Boris Johnson would represent the nadir of the suffocating tax burden on the UK property sector. It remains to be seen what the government actually has in store.

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