Balls announces mansion tax thresholds; admits he could be ‘a very, very unpopular man’ if Labour wins in May

"How can it be right that the foreign buyer last month of a £140 million flat in Westminster will pay just £26 a week in council tax — the same as the average-value property in that council area?

Labour's motion for a Mansion Tax on properties worth over £2m has been defeated by 304 votes to 241 in the House of Commons, after the Liberal Democrats sided with the Conservatives.

With seven months to go, Labour has outlined its plans to reform the way we live where we do should it win next year's General Election.