Lib Dems outline new tax on £1m homes

Speaking at the party conference in Bournemouth, Treasury spokesman Vince Cable proposed a 0.5% annual levy on Britain's most expensive homes. The proceeds would help support plans to abolish taxation for four million people who earn less than £10,000. "It would be dishonest and unbelievable for me to say that taxes overall should never rise," he said. "But the Liberal Democrats' starting point is to aim for fairer not higher taxes." The debate over the scale of spending cuts and tax increases has dominated Westminster over the past few months, with a verbal slanging match frequent...