Before the noble Lord sits down, I would like to point out that my proposal is in no way a mansion tax. A mansion tax is a toxic brand that did huge damage to his party. It is a phrase invented by the Lib Dems, who then had the sense to abandon it. Mr Miliband scooped it up and proposed to use it. It was a terrible mistake from the point of view of the Labour Party. It must have cost them a lot of votes, because of course, “mansion tax” is a “soak the rich” label. It is what old Labour was about; it is not what Mr Blair was about and will not, I assume, be what the Labour Party will be about at the next election. My system is in no way anything to do with the mansion tax.
It will be interesting to see what the Daily Mail, the Telegraph and the Express make of the noble Lord’s suggestions when they come to be debated. I suspect that he may find those words reappearing in their columns. We will see.