Property taxes send UK to second-bottom on global list

THE UK lies second-bottom of global competitiveness rankings for property taxes, analysis has shown — undermining Chancellor Rachel Reeves’ ambition to “back the builders, not the blockers”.

- By Mauricio Alencar

Figures from the Adam Smith Institute think-tank rank Britain 37th in competitiveness for property taxation, with only Italy worse off.

Researchers said the UK had the second-lowest average rate of spending on fixed assets, such as machinery and buildings, as a share of gross domestic product in the 38 countries that are in the Organisation for Economic Cooperation and Development.