– Ed Miliband, Labour leader
We would tax houses worth over £2 million and we would use the money to cut taxes for working people.
We would put right a mistake made by [former Prime Minister] Gordon Brown and the last Labour government.
We would use the money raised by a mansion tax to reintroduce a lower 10p starting rate of tax, with the size of the band depending on the amount raised.
This would benefit 25 million basic rate taxpayers and it would move Labour on from the past and put Labour where it should always have been - on the side of working people.
The Lib Dem Energy Secretary Ed Davey has told ITV News he is "delighted" Labour has "seen the error of their ways" by announcing plans for a "mansion tax" on houses worth £2 million:
– Energy Secretary Ed Davey
Our flagship policy is fairer taxes.
People copying you is the best form of flattery.
If Labour are realising they should have supported the "mansion tax" when we argued for it when they were in government and could have delivered it, then I am delighted that they have seen the error of their ways.
Labour leader Ed Miliband has opened his major speech thanking his audience for "choosing to spend part of Valentine's Day with me and Ed Balls".
He is delivering a speech in Bedford in which he is expected to announce Labour's policy to reintroduce the 10p tax rate and a new 'mansion tax'.
Ed Miliband has called for the 10p rate of income tax to be brought back.
The Labour leader insisted reintroducing the band - controversially scrapped by Gordon Brown - would make society fairer.
He said the move could be funded by a new "mansion tax" on homes worth more than £2 million.