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Labour pledges mansion tax to fund return of 10p rate

Labour pledges mansion tax to fund return of 10p rate

Labour leader Ed Miliband has pledged to reintroduce the 10p tax rate, funded by a new tax on properties worth over £2 million.

Miliband (pictured) said the party would bring back the 10p starting rate for tax which was scrapped by Gordon Brown in 2007.

‘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,’ he said.

‘This would benefit 25 million basic rate taxpayers.’

Miliband said it was a ‘mistake’ to get rid of it.

He also reaffirmed his support for a temporary cut to VAT to boost economic growth and called for action on train fares, bank charges and capping interest on payday loans.

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