Labour to consider mansion tax proposals

Shadow Chancellor Ed Balls is reportedly considering a mansion tax on the UK’s largest homes.

A wealth tax on property is a policy proposed by the Liberal Democrats but, in an interview with The Independent, Balls admitted he is looking at the idea as part of a strategy to boost the economy.

Balls told the paper: “I have thought about it. I am open to new ways of making our economy strong which requires investment in skills and universities and for the NHS.”.

Balls adds he would be willing to discuss policies to boost growth with members of the coalition. He says: “The person seriously thinking about this was not Nick Clegg but Vince Cable. I feel for Vince and the extent of his frustration [with the coalition] but if he wants to channel those frustrations into discussions about how we can achieve growth and jobs in the future I will start discussion with him tomorrow.”

Labour insist wealth taxes, such as a mansion tax, are not part of party policy but are being considered as part of a wider economic review, according to reports.

Ed Miliband and Balls are to speak at a conference on economic policy today.