Sunak Ditches G-20 to Prepare Potentially Radical U.K. Budget

U.K. Chancellor of the Exchequer Rishi Sunak canceled a trip to meet global finance ministers in Riyadh as he seeks to agree a Budget with Prime Minister Boris Johnson that could rip up spending rules and put a heavier tax burden on wealthy people.

Sunak will discuss the Budget with Johnson on Wednesday and is considering measures that could include cutting the rate of pension tax relief from 40% to 20% for high earners and a so-called mansion tax on the costliest homes, according to an official. No decisions have been taken on the policies yet, and discussions are moving ...