Mansion tax to support NHS under Labour government, Ed Balls says

Homeowners with property worth between £2m and £3m will pay a Labour government £250 each month under a new “mansion tax”, shadow chancellor Ed Balls has said.

Those who own homes worth more than £10m would face even higher, more “progressive” rates.

Labour’s 2015 manifesto claims the proceeds will go toward rejuvenating the NHS with the recruitment of 38,000 new GPs, nurses, midwives, etc.

However, some Labour MPs have issued concerns about the proposed taxation, insisting that safety regulations need to be put in place for "cash poor" homeowners who may have bought or inherited properties long ago but since suffered financial loss.

But Balls told the BBC that: "The vast majority of people will not have to pay mansion tax."