Left bullied Starmer to back mansion tax: PM opposed levy on large homes but caved in to appease class warrriors in the Treasury

The Prime Minister, despite initial opposition, has been compelled by the Treasury to support the introduction of a mansion tax on homes valued at £2 million or more. This decision is reportedly a strategy to appease left-wing members of the Treasury, referred to as "class warriors," and to serve as a distraction tactic to make the upcoming Budget appear as an attack on the wealthy rather than on working people. The Prime Minister's concerns about negative public perception, particularly regarding elderly homeowners unable to afford the levy, were overruled. The Treasury minister, Torsten Bell, is credited with arguing that some form of mansion tax is necessary to garner support for the Budget. This proposed tax could involve a 1% charge on the value of homes exceeding £2 million, potentially generating £2 billion to address a significant deficit in public finances. An alternative plan suggests doubling council tax for homes in bands G and H or introducing new higher bands. The Treasury's rationale behind this move is to frame the Budget as a "soak-the-rich" initiative, which is intended to encourage Labour MPs to vote for it despite it potentially contradicting manifesto pledg... download the app to read more