Ed Miliband has announced that a future Labour government would impose a mansion tax on homes worth more than £2m. It’s difficult not to be cynical about this proposal once you learn that Mr Miliband’s luxury home in north London’s leafy Primrose Hill is currently valued on a property website at £1.93 million, which means he would just avoid paying the tax himself.
He might like to come across as a champion of the working classes, but the millionaire Labour Party leader was actually born and raised with a silver spoon in his mouth. He bought his home for £1,600,000 from inherited wealth and money made from property speculation. Clearly, though, it is hard for a rich man like Ed Miliband to enter the realm of mansion tax.
I don’t blame him for taking advantage of the property market during the boom. It was shrewd of him. But fixing the mansion tax threshold just above the value of his own home is more than shrewd. It’s knavish and borderline corrupt.