'Mansion tax' on way, say Labour MPs after talk with Reeves on Budget which will hit London hard

A “mansion tax ” will be introduced in the Budget , say Labour MPs after talks with Chancellor Rachel Reeves .

The new levy on expensive homes would hit London and the wider South East hardest.

After her screeching U-turn on plans to break Labour’s flagship manifesto pledge on tax , in order to raise income tax, the Chancellor has been speaking to Labour MPs amid disquiet on the backbenches.

Some 30 backbenchers were invited into No11 to speak to Ms Reeves, over snacks and wine, according to Politico.

The Labour Chancellor is said to have made clear to them that a “mansion tax” would be in the Budget on November 26.

She also reportedly told them to highlight a chart, to be published in the Budget documents, which would show how the wealthy are being hardest hit by her tax ri