Both the BBC and Channel 4 News last night reported that Labour will pledge to pay for an increase in NHS funding with a ‘mansion tax’ on higher value homes. Last year Ed Miliband committed to spending the revenue raised from a mansion tax on the return of the 10p tax rate. And the 10p tax rate isn’t the only thing they have pledged to spend the mansion tax money on.

Just yesterday, Rachel Reeves told the Daily Politics that the money raised would go towards paying down the deficit. Fast forward to 1:30:

AN: “You’re inheriting a deficit of £75 billion.”

RR: “Child benefit is not the only thing that we’ve announced. The tax on properties worth more than two million pounds, repeating the bank bonus tax, increasing the top rate of tax back up to 50p, the winter fuel allowance not going to the richest pensioners, you add all those up, that adds up to several billion.”

Labour have now pledged to spend the mansion tax cash three times already. It’s the bankers’ bonus tax all over again…