Hard work should pay. Unlock quality journalism that champions free enterprise. |  | Benedict J Smith Money Writer | Thousands of pensioners could be forced to sell up under mansion tax proposals being considered by Rachel Reeves, analysis suggests.
The Chancellor is considering hitting homeowners in properties worth more than £2m with a 1 per cent annual levy in her November Budget.
But industry experts warned that retirees who had seen the value of their homes rise over several years could be forced to downsize to avoid the extra tax – which would be as much as £10,000 a year for those in £3m properties.
There are approximately 140,000 homes valued at £2m or more in the UK, according to Savills, with 23 per cent of those sold having been owned for over 20 years. Nearly a fifth of homeowners in the highest net property wealth bracket – calculated at £500,000 or more – are over the age of 65, ONS figures show.
Tom Bill, of Knight Frank estate agency, said: “It doesn’t follow that if you happen to live in a large house, you have the cash to pay this levy – older people may have been in the house for decades and it has appreciated.
“If a mansion tax were introduced, you would see some older homeowners forced to downsize whether they were ready or willing to move out of their neighbourhood or not.”
Read the full story here ➤ | | Charles Moore It is right that he should no longer use his titles, but it would be wrong that he should be stripped of them without proof of iniquity Continue reading ➤ Fiyaz Mughal I’ve seen how civil servants work. The Home Office will never stop the grooming gangs Continue reading ➤ Roger Bootle We must cut pensions to get Britain out of debt – even if it causes anguish Continue reading ➤ | Make your voice heard. Join our journalists in conversation on today’s biggest topics. | | Kirill Dmitriev, the Kremlin’s top economic envoy, arrived in the United States armed with flowers, chocolates and a book of Vladimir Putin quotes titled Great Words of a Great Man. He had been tasked with repairing the relationship between Russia and the US after phone calls between leaders and foreign secretaries made no progress on ending the war in Ukraine, and Donald Trump slapped sanctions on Russian oil. But Dmitriev was quickly given the cold shoulder.
Continue reading ➤
‘Tiny flying Chernobyl’: Putin’s nuclear-powered missile is both illogical and dangerous ➤ | | | Struggling to nod off at bedtime? Or do you consistently find yourself waking up in the small hours? Researchers have identified five sleep profiles and suggest that how our brains are wired could be as important as lifestyle factors in deciding how much rest we get. Are you a “restless worrier” or an “oblivious insomniac” – and what does it mean for your health? Read on to find out. Continue reading ➤ | | | As winter approaches and the latest eager young minds settle into their studies, Britain’s glorious university towns buzz with a crisp, invigorating energy that makes them prime city-break territory. From Oxford to Glasgow, we explain how to plan an autumn weekend in these great centres of learning both old and new.
Continue reading ➤ | | | Steve Smith sobs at a press conference after losing the captaincy in 2018 | | Next month, Steve Smith will lead Australia in the first Test of the long-awaited Ashes series against England. But seven years ago the batsman was banned for a year and stripped of the captaincy for his part in a ball-tampering scandal. It’s one thing for Smith to have been allowed back into the side, Simon Heffer says, but what does it say about the morality of international cricket that a cheat such as him is allowed to captain it? Continue reading ➤ | | |
Ever since her rise to fame with Euphoria, Sydney Sweeney has become a major Hollywood star. But which role has The White Lotus actress recently thrown her hat into the ring for? | | As talk of an unsustainable AI bubble grows and markets overreact to the slightest news, investors are panicking that a crash is coming. Nobody can predict the future, so Questor, The Telegraph’s investing column, this week explains how you can help to protect your money, whatever happens. Continue reading ➤ Below are two more helpful articles for you this morning: |  | Tamara Abraham Acting Deputy Fashion Director | The Devil Wears Prada has a lot to answer for. The 2006 film, starring Meryl Streep, Anne Hathaway and Emily Blunt, cemented a perception that staffers at glossy magazines spend their lives swanning around in head-to-toe Chanel, that fashion cupboards can double as a lending library, and that stiletto heels are de rigueur in the presence of the editor.
Now, almost 20 years on, Streep, Hathaway and Blunt are reuniting for a sequel, and already paparazzi shots from the set indicate that catwalk fashion will be a main character once again.
But does it bear any relation to real life? Clara Strunck interviewed five British fashion editors – including Lisa Armstrong, The Telegraph’s Head of Fashion – about their go-to work wardrobes, where they shop, and how high they’re really prepared to go when it comes to heels.
Continue reading ➤ | The state of our churches
Every weekday, Orlando Bird, our loyal Reader Correspondent, shares an off-piste topic that has brought out the best of your opinions and stories. Orlando writes...
I am not a churchgoer, but Philip Larkin’s great poem “Church Going” has always resonated with me. “Yet stop I did: in fact I often do,” writes the agnostic Larkin of one visit to a “serious house on serious earth”. Whenever I’m in a part of the country I haven’t been to before, I’m curious to see what the church is like.
But these buildings – many of which have quietly accumulated centuries of history – are in trouble. Last week, we reported that almost one in three could close by 2030. The historian Alice Loxton issued a cri de coeur: “Let us not be the generation who let churches crumble.”
Telegraph readers have thrown themselves behind this appeal. “Surely the Church of England should be using its money to save these beautiful buildings, instead of spending it on reparations”, wrote Ann Wright. “Once lost, churches cannot be replaced. Our ancestors would be horrified.”
The Rev Michael J Maine pointed out, however, that “Church of England churches are cared for by the congregations attached to them. Central funds have always been limited, and government and lottery funds are increasingly unobtainable. Between 12,000 and 13,000 churches are listed in England, and this priceless heritage has hitherto been supported on the cheap. However, the time has come for proper national funding.”
Edward and Primrose Wilson had a suggestion for the Chancellor: “What about abolishing VAT on repairs to places of worship, or giving us the reassurance that the Listed Places of Worship Grant Scheme will continue beyond March 2026? It would show that the Labour Party really does care about the culture of working people, which is embodied in our parish church heritage.”
For Bilal Haider Junejo, meanwhile, “the best way to save Britain’s churches from oblivion would be for people to visit them as worshippers once more. Whoever heard of a frequented but derelict place, or a pristine abandoned one?”
It’s a fair point. Church tourists like me may care about this issue, but we’re not doing a lot to help. On the other hand, Larkin wrote his poem, envisaging a time when “churches fall completely out of use”, more than 70 years ago, and many are still operational.
Can they keep going? Let me know what you think here, and the most persuasive will feature in a future edition of From the Editor PM, for which you can sign up for here. | | Find as many words as you can in today’s Panagram, including the nine-letter solution. Visit Telegraph Puzzles to play a range of head-scratching games, including PlusWord, Sorted, and Quick, Mini or Cryptic Crosswords.
The solution to yesterday’s clue was COMICALLY. Come back tomorrow for the answer to today’s puzzle. | | Thank you for reading. Have a fulfilling day and I hope to see you tomorrow. Chris Evans, Editor
P.S. I’d love to hear what you think of this newsletter. You can email me your feedback here. | |
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