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Ed Miliband announces 10p tax rate plan.

Summary: Labour leader Ed Miliband has announced plans to reintroduce the 10p tax rate, which could be funded by a new mansion tax.

Labour leader Ed Miliband has announced plans to reintroduce the 10p tax rate, which could be funded by a new "mansion tax" on homes worth more than Au2 million.

The Labour leader insisted reintroducing the band - controversially scrapped by Gordon Brown - would make society fairer.

The announcement was a surprise inclusion in the address, which had been billed as featuring no significant policy - a prospect mocked by the Prime Minister in the Commons on Wednesday.

Tory backbenchers have been campaigning for the 10p rate to be brought back in next month's Budget, and taking questions in the House, Mr Cameron appeared to hint he was open to the idea.

Speaking in Bedford, Mr Miliband said: "A One Nation Labour Budget next month would lay the foundations for a recovery made by the many, not just a few at the top.

"Let me tell you about one crucial choice we would make, which is different from this Government.

"We would put right a mistake made by Gordon Brown and the last Labour government.

"We would use the money raised by a mansion tax to reintroduce a lower 10p starting rate of tax, with the size of the band depending on the amount raised.

"This would benefit 25 million basic rate taxpayers - moving Labour on from the past and putting Labour where it should always have been - on the side of working people."

A Labour source said the mansion tax - long a favourite policy of Liberal Democrats - was expected to raise Au2 billion a year.

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Publication:Independent Television News Limited (ITN)
Date:Feb 14, 2013
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