Ed Milibands mansion tax is “poor economics” and will “punish” families who have saved hard for a property, the head of one of Britain’s biggest insurers has warned. In a blistering assessment of Labour’s flagship tax policy, Nigel Wilson, the chief executive of Legal & General, said the party was “pandering to the politics of envy” by promising to impose a levy on homes worth more than £2 million. It could exacerbate a housing shortage and make it even harder for young people to buy their first home. The mere threat of a mansion tax has already slowed the top end of the property market, and will result in fewer properties getting built, he said. The policy is unlikely to raise even a tenth of the £1.2 billion that Labour says it could generate as home-owners are likely to find legitimate ways of avoiding it. It will “certainly come nowhere near” raising enough money to fund the 30,000 extra nurses and midwives Mr Miliband hopes to employ, Mr Wilson said. Read the rest of the article in the Telegraph.co.uk here >> telegraph.co.uk/news/politics/labour/11191479/Labours-mansion-tax-will-create-housing-shortage-for-young-says-Legal-and-General-boss.html
Posted on: Thu, 06 Nov 2014 15:30:38 +0000
Trending Topics
Recently Viewed Topics
© 2015