This article was last updated on April 16, 2022
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Labour leader Ed Miliband has revealed his party’s ten year plans to revive Britain’s economy that includes using the proceeds of a mansion tax on homes valuing more than £2m to boost funding crisis in the NHS.
During the Labour conference in Manchester, Mr Miliband has used his final speech before the 2015 general election to disclose party’s 10-year “national mission” to rebuild Britain and turn it into a “world-class” country without resorting to “big spending”.
Labour leader has proposed for creating a £2.5bn “time to care” fund for the NHS, which would pay for thousands of extra staff without increasing people’s taxes or borrowing. The aim of funding is to fill the £30bn funding gap by 2020.
The measures proposed to collect funding includes the fees charged from tobacco industry to help cover the cost of smoking-related illness, while £1.2bn would be raised by a “mansion tax” on homes worth £2m plus, and £1.1bn would come from clamping down on tax avoidance by hedge funds and other companies.
Mr Miliband has said: “It is time to care about our NHS, so that doctors, nurses, care workers, midwives able to spend proper time with us, not to be rushed off their feet.
“The next Labour government will set aside funding so we can have 3,000 more midwives, 5,000 more homecare workers, 8,000 more GPs and 20,000 more nurses in our NHS – an NHS with time to care, because there has never a more important time to care about our NHS.”
The planned mansion tax by Labour is expected to raise an average of £12,370 a year, based on figures from Savills suggesting there are 97,000 properties worth more than £2m in the U.K. that has risen by 36,000 since 2009.
Director of residential research at Savills, Susan Emmett has said: “This tax will hit London disproportionately.
“Over 80 per cent of properties over £2m are in London.”
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