A future Labour government could bring in a wealth tax on high-value properties to safeguard the NHS and invest in the economy, the Shadow Chancellor Ed Balls reveals today.

In an interview with The Independent, Mr Balls rejected the temporary wealth tax floated by Nick Clegg last week but offered immediate talks with Vince Cable, the Liberal Democrat Business Secretary, on a new Lib-Lab consensus including his idea of a permanent mansion tax on homes worth more than £2m.