Ed Balls - Gordon Brown's No 2, Chief adviser. Brown............withholding tax and selling gold at all time low.
Theoretically, depending on the level of the 'mansion' tax we could be penalised for simply living too close to central London. The latest figures suggest that the population of Greater London will rise 37% over the next decade. Now clearly there isn't going to be a 37% increase in living space so that will push the prices of houses up over the median rate for the country.
Although we may be asset rich, it's an asset we can't touch because we live in it. If the tax demand is too high on families who are already cash strapped, then the tax will force you to move. Now what type of tax forces you to uproot your family from friends, schools etc simply because you made a good choice when buying your house? Ironic that Labour would create a tax that actually excludes many social groups to the benefit of the cash rich.