Radical Reeves? The chancellor’s mansion tax is a small but brave step forward

Under the new plan, from April 2028, there will be four price bands, adding a surcharge of £2,500 a year for properties valued at between £2m and £2.5m, up to £7,500 a year for those valued in the highest band of £5m and above. Photograph: Jeff Gilbert/Alamy

Rachel Reeves won little credit last week for lifting the lid on one of the most heated tax debates of the past three decades.

Who in their right mind would consider engaging in the fight that would inevitably lead to some of the richest people in the land calling for your head?