Sir Keir Starmer and David Lammy are set to dodge Chancellor Rachel Reeves’s mansion tax raid following backlash from Labour MPs.
The “mansion tax” will now only target homes worth over £2million, allowing several senior cabinet members to escape the levy.
Mrs Reeves had initially proposed to announce a new council tax surcharge on homes valued over £1.5million in her Budget on Wednesday.
However, pressure from within her own party has forced to Chancellor to water down the plans that would have affected 300,000 homes across the nation.
Now, she will target 150,000 homes worth over £2million with an average £4,500 added to homeowners’ tax bills.
The Prime Minister and Deputy Prime Minister’s own homes are worth between £1.5m and £2m, allowing them to just slip under the threshold, according to The Telegraph.
Pat McFadden, the Work and Pensions Secretary, is also expected to escape the tax raid.
Mrs Reeves’s backdown follows backlash from Labour MPs who expressed concerns about the impact on the London housing market of her original plans.
Sir Keir Starmer and David Lammy are set to escape Rachel Reeves’ new mansion tax
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GETTY
The new levy is expected to raise between £400million and £500million for the treasury.
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