Let me give Rachel Reeves some credit for once: the so-called “mansion tax” set to be introduced in Wednesday’s Budget is a good idea. Asking people in homes worth more than £2 million to pay a bit more council tax is entirely reasonable, given that until now they’ve been paying tax on the 1990s valuation of their homes, not the current one.

But, once again, the Chancellor is going nowhere near far enough. For while Reeves will ask some of the wealthiest homeowners to pay more, she appears to have rejected more comprehensive proposals to make more people pay tax on the massive increase in wealth they have enjoyed as a result of the house price boom.

According to reports, the Chancellor was worried about targeting those in homes worth £1.5 million and more – putting them comfortably in

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