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Keir Starmer is being urged to stand up to the left of his party as a battle rages within the government over whether to impose a mansion tax in next month’s Budget – which some fear could have a severe impact on the housing market.
The chancellor, Rachel Reeves, is understood to be seriously considering the proposal for her 26 November statement as she attempts to not only fill a £40bn black hole in her finances but also find more than £10bn of headroom to deal with future shocks.
She and the prime minister are being warned that, with the flight of millionaires from the UK already hitting the economy, a mansion tax would have disastrous effects.
Ministers want Sir Keir to step in, with one source saying: “It is patriotism versus prejudice.
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