Sunak Confirms Tax on U.K. Property Firms to Fix Cladding Crisis

The U.K. government confirmed it will tax the country’s largest property firms to help replace unsafe cladding in apartments that’s left thousands of people in potentially dangerous homes.

Chancellor of the exchequer Rishi Sunak said the government will levy a 4% tax on developers’ profits that exceed 25 million pounds ($34 million), in his budget speech on Wednesday. The money raised will help fund 5 billion pounds of investment toward repairs that some of the country’s largest housebuilders have also pledged millions of pounds toward.

The safety of U.K. apartment blocks came into question in the aftermath of the Grenfell ...