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UK-India Free Trade Agreement among top issues discussed with Modi: Johnson

A “big” free trade agreement (FTA) was among the major issues discussed with Indian prime minister Narendra Modi during a meeting on the sidelines of the G7 summit in August, British prime minister Boris Johnson said.

Johnson stated in the House of Commons on Tuesday (3) that he had an "extremely good conversation" with his Indian counterpart in Biarritz, France.


The UK prime minister was speaking in response to a question on India-UK relations raised by Conservative Party MP Shailesh Vara, on the summit outcomes at the end of parliamentary summer recess.

"We agreed to strengthen our cooperation, not just on the security side — where clearly the UK and India stand shoulder to shoulder in the fight against terror — but also in military cooperation in the Asia-Pacific region, where we share many interests,” Johnson noted.

"This (discussions) also included free trade, in doing a big free trade agreement with India," British prime minister added.

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Rachel Reeves

Under the policy, property owners will face a recurring annual charge additional to existing council tax liability.

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Rachel Reeves announces annual tax on homes worth over £2 million

Highlights

  • New annual surcharge on homes worth over £2 m comes into force in April 2028, rising with inflation.
  • Tax starts at £2,500 for properties valued £2m-£2.5m, reaching £7,500 for homes worth £5m or more.
  • London and South East disproportionately affected, with 82 per cent of recent £2m-plus sales in these regions.
Britain has announced a new annual tax on homes worth more than £2 million, expected to raise £400 million by 2029-30, according to estimates from the Office for Budget Responsibility.

Chancellor Rachel Reeves pointed that the measure would address "a long-standing source of wealth inequality in our country" by targeting "less than the top 1 per cent of properties". The surcharge will come into force in April 2028.

Under the policy, property owners will face a recurring annual charge additional to existing council tax liability. The rate starts at £2,500 for homes valued between £2 m and £2.5 m, rising to £3,500 for properties worth £2.5 m to £3.5 m, £5,000 for £3.5 m to £5 m, and £7,500 for those valued at £5 m or more.

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