Caroline Hepker

That's according to Jonathan Russell, CEO of the government body responsible for valuing homes, who says that most affected residences are in London and the South East.

Speaking to Parliament's Treasury Committee yesterday, Russell said that the Valuation Office Agency will assess homes starting at £1.5 million to...

to ensure that none that should fall under the levy are overlooked.

The measure is expected to raise around £400 million in the 2029 tax year, though its introduction could cause market distortion and hit other property taxes like stamp duty.

Those are our top stories for you.

Sticking to the metal story also, silver above $90, rather for the very first time.

Tin also surging today.

Oil this morning down three tenths.

Brent crude at $65.29 the barrel.

And you've got Wall Street bank earnings to think about.

Stock futures for the US in the red and also softer for the US stocks, 50 futures.

Those are the markets.

I'm Caroline Hepka and this is Bloomberg.

News when you want it with Bloomberg News Now.

I'm Caroline Hepker.

The Federal Reserve has been served with grand jury subpoenas from the US Justice Department.

Fed Chair Jerome Powell says the court orders threatened criminal charges related to his testimony about the renovation of the central bank's headquarters.

In a forceful video statement, Powell said that the legal move was designed to exert pressure on the Fed to lower interest rates.

Fed Chair Jerome Powell, who went on to say that the legal action sets the stage for a battle over whether monetary policy will be based on economic data or directed by political pressure and intimidation.

In a brief interview with NBC News on Sunday night, President Trump denied knowledge of the U.S.