Why Mansion Tax is Electoral Suicide

Knight Frank has crunched the numbers and calculated that to raise the target £2 billion, the mansion tax would have to start at £1.25 million, hitting 775,000 households. This would of course be levied overwhelmingly on London and the South East, 86.4% of the properties affected would fall in these areas. Calling it a “mansion” tax is grossly disingenuous too:  just 36% of these “mansions” are detached. 31% are terraced, 22% are flats and 11% semi-detached. Is a terraced house in Merton or Wandsworth, like the one above, really a mansion? 

The table below shows the top ten local authorities with the highest number of homes that would be affected by the mansion tax:

Click to enlarge.

If he has any sense Tory chairman Grant Shapps is right now crafting a mailshot to every single one of those 775,000 homeowners…



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Quote of the Day

Janan Ganesh on Labour’s soft left

“Ms Cooper does not believe the previous Labour government was wrong to run a fiscal deficit after 15 years of economic growth. Both she and Mr Burnham think families should be entitled to tax credits for a third child. These views are not mad. They are just a bit too left-wing for Britain. For any serious party, that amounts to the same thing. The soft left is more electable than the hard left but then Mars is more habitable than Neptune: neither planet will host human life anytime soon.”

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