Gerri Peev: Another tax train wreck

Vince Cable has a few hours to turn around a potential disaster for the Lib Dems. The party wants to tax people 0.5 per cent of any property values over £1million. This could raise £1.1 billion. This is where the clarity ends. Advisers could not explain whether they would use the 1991 valuations or whether to carry out a UK wide revaluation. Nor could the Lib Dems explain how much this would cost. Nor where the distribution lay. (Hint, probably in target Lib Dem seats in the wealthy south, London and of course Edinburgh). Cable himself is probably likely to be hit with the tax, Nick Clegg certainly will be.
Where does this leave their previous pronouncements on property taxes being unfair? Time is of the essence here. The Twinkletoes of Twickenham needs to perform a pretty good double step.