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Chancellor Rachel Reeves is preparing to deliver the Autumn Budget in a fresh effort to plug the £40 billion black hole that has overshadowed the Labour Party Government.

On November 26, reports suggest the Chancellor may target middle-class homeowners, implementing a £600 million property surcharge that will impact approximately 300,000 homes.

This levy would apply to properties in bands F, G and H, potentially added hundreds or thousands of pounds to their annual tax bill.

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The Treasury plans to reassess 10 per cent of home, which represent the upper council tax bracket - equating to 2.4 million properties.

According to the Telegraph , to avoid forcing “asset-rich, cash-poor”

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