John Healey is the new Chancellor of the Exchequer, it has been announced.

Healey takes over the role in Andy Burnham’s new cabinet from Rachel Reeves.

He is the Labour MP for Rawmarsh and Conisbrough, and a former Secretary of State for Defence.

During Keir Starmer’s tenure, Healey resigned as defence secretary due to funding issues.

Land Value Tax

There has been plenty of speculation about new taxes in the run up to Burnham’s appointment as Britain’s new Prime Minister.

These include a new Land Value Tax, although experts have suggested this could take years to introduce.

It is understood that Burnham is a fan of a system that replaces both Stamp Duty and Council Tax with an annual property tax of 0.48% of a home’s value. It would equate to £1,440 a year on a £300,000 home.

Although the year started with quiet confidence in the housing market, there have been sizeable difficulties to contend with in terms of global unease.”

Nathan Emerson, Chief Executive of Propertymark, explains that the new Chancellor will face “sizeable challenges”.

He says: “Over the coming months, there will be sizeable challenges across the wider economy to overcome.

“Although the year started with quiet confidence in the housing market, there have been sizeable difficulties to contend with in terms of global unease.

“While we have seen inflation progressively start to approach its target and base rates hold steady, there is a much wider picture for John Healey to consider, as he takes on the role of Chancellor of the Exchequer.

“Housing remains fundamental to economic growth, with issues such as Stamp Duty for those buying a property in England or Northern Ireland, as well as taxation frameworks affecting many landlords in the private rented sector, all in need of review and potential restructuring.”