London's property market experienced a notable downturn as the Autumn Budget triggered widespread uncertainty across key industries.
Budget Fallout Hits Key Sectors
The Chancellor's announcement has prompted significant backlash from several major industries, with the housing market leading criticism against what experts describe as an assault on London property values.
The betting industry faces substantial financial pressure following the Budget's tax changes. Entain, which owns Ladbrokes, revealed the new measures will increase its annual costs by approximately £200m.
Remote Gaming Duty is scheduled to jump from 21 to 40 percent in 2026, while a new 25 percent tax on online sports betting will be introduced in 2027. The FTSE 100 company anticipates profit reductions of £100m in 2026, escalating to £150m the following year.
Evoke, the parent company of William Hill and 888, strongly criticised the decision, labelling it as "ill-thought-through" and "highly damaging" to their operations.
Banking Sector Emerges Unscathed
While other industries expressed discontent, the banking sector remained notably silent following reports that financial institutions would avoid additional taxation.
Major banking announcements followed the Budget presentation, with Lloyds committing £35bn in new finance for 2026 and Barclays pledging £45bn of fresh lending.
International banks also demonstrated confidence in the UK market, with JP Morgan planning a £10bn Canary Wharf tower development and Goldman Sachs expanding its workforce across Birmingham.
These developments occurred amidst speculation that the Chancellor had encouraged public support from lenders who benefited from the Budget's terms.
Property Market Reaction
The housing industry directed particular criticism toward what has been termed a 'mansion' tax, warning it could significantly impact London's property landscape.
Industry representatives described the measure as particularly damaging to the capital's housing market, contributing to the immediate decline in property values observed following the Budget announcement.
The contrasting responses highlight the uneven impact of the Autumn Budget across different sectors of the UK economy.
