Leading Property and Finance Experts Brand UK Budget a Missed Opportunity for Growth
Last week, a panel of leading figures (and LPF Members)from London’s luxury property, finance and tax sectors has warned that the latest UK Budget represents a missed opportunity to restore confidence, unlock growth and attract global investment into the UK.
The event, moderated by Jonathan Prynn, Business Editor at The London Standard, brought together Charlie Willis, CEO of The London Broker, Barry Millar, Co-founder of Verve Concept, Simon Gammon, Managing Partner & Founder of Knight Frank Finance, Claire Randall, Partner at Farrer & Co LLP and Neil Bantel, Global UHNW & Family Office Coverage, at Deutsche Bank.
Together, they delivered a stark message: while the Budget avoided some of the most feared tax changes, it failed to deliver the radical reform needed to support entrepreneurship, ease the tax burden on investment, or address the structural blockages in planning and housing supply.
The panel agreed that the UK’s reputation as a welcoming hub for wealth creators and global capital has been damaged over recent years and that this Budget did little to reverse that trend. Tightening rules around high-net-worth and internationally mobile individuals has already driven many overseas, and the current direction of policy is seen as making Britain less, not more, competitive as a place to live, work and invest.
On property, the “mansion tax”- an enhanced council tax on higher-value homes - was viewed as more political than economic. The measure is seen as administratively complex, relatively low-yield and unlikely to significantly change behaviour at the top end of the market, while adding yet another layer of uncertainty. By contrast, stamp duty was identified as a central structural problem that continues to block transactions across the ladder, from first-time buyers to prime and super-prime, yet it was left untouched.
The panel highlighted the near-complete absence of meaningful planning reform as one of the Budget’s biggest failings. With major schemes stalled, renovation projects delayed and developers facing rising costs and long backlogs, there was consensus that the UK cannot meet its housing targets without a fundamental shift in how planning is resourced, streamlined and decided. The lack of measures to fast-track approvals or support developers was seen as directly at odds with the Government’s stated focus on growth.
On savings and pensions, the changes to ISAs and the ongoing tightening of pension rules were perceived as undermining Britain’s longstanding culture of prudence and long-term saving. For many investors and business owners, the cumulative effect of repeated tax and regulatory changes is pushing them to seek returns and stability in other jurisdictions, even while London’s underlying attractions - legal system, culture and education - remain strong.
The rental market and build-to-rent (BTR) were also in focus. The panel noted that private landlords have faced a steady erosion of incentives through tax and regulatory changes, leading many to exit the sector, constraining supply and driving up rents. While institutional BTR has been one of the few areas of resilience, there is concern that policy uncertainty could begin to weigh on investment decisions there as well.
Looking ahead, the panel called for a decisive, pro-growth agenda that would include genuine stamp duty reform, bold planning reform, a clearer long-term framework for property and wealth taxation, and a more explicit backing for entrepreneurship and business formation. There was broad agreement that the UK still has the talent, infrastructure and global appeal to thrive, but that political leadership needs to move beyond short-term tactical measures and embrace a coherent, long-term plan that makes Britain genuinely attractive to both domestic and international investors.
Charlie Willis, CEO, London Broker
Charlie Willis brings over 30 years of experience in London’s super-prime property market, advising discreet global clientele and delivering complex transactions with exceptional discretion and insight. After senior leadership roles at Strutt & Parker, he founded CW London and now leads The London Broker, overseeing a worldwide network of 47 brokers.
Barry Millar, Co-founder, Verve Concepts
Barry Millar is the co-founder and managing director of Verve Concepts, a design-led construction company delivering award-winning residential and heritage projects across prime central London and the home counties. With a background in financial markets, he brings an innovative, service-driven and client-focused approach to construction, sustainability, and business strategy.
Simon Gammon, Managing Partner & Founder, Knight Frank Finance
Simon Gammon is the Founder and Managing Partner of Knight Frank Finance, with 20 years’ experience advising ultra-high-net-worth individuals on securing finance against property and investment assets. He also works closely with private banks to develop specialist lending products tailored to this market.
Claire Randall, Partner, Farrer & Co LLP
Claire Randall advises UK and international clients on complex estate and tax planning, offering practical solutions on UK taxation, offshore structures, and cross-border issues. She is highly experienced in HMRC enquiries, disclosures, and tribunal cases.
Neil Bantel, Deutsche Bank, Global UHNW & Family Office Coverage
Neil Bantel has over 20 years’ experience advising UHNW clients and family offices at Deutsche Bank, specialising in asset financing and wealth strategy. He supports clients with investment planning, credit solutions, and estate considerations, helping to optimise growth and protect complex global assets.