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Should the rich face a tax on the value of their homes?

The rich could face a levy on the value of their homes as the price of scrapping the top rate of income tax, Business Secretary Vince Cable has suggested.

Mr Cable revived the prospect of imposing a so-called “mansion tax” on properties worth over £2 million which he originally proposed when the Liberal Democrats were in opposition.

Interviewed on BBC Radio 5 Live’s Pienaar’s Politics, he indicated that it could be the price of Lib Dem support for Chancellor George Osborne’s review of the 50p top rate of tax announced in the Budget.