Ed Miliband is expected to tell the Labour party conference tomorrow that he plans to scrap the housing benefit change he calls the 'bedroom tax' by closing tax loopholes "for the privileged few."
Labour plan to repeal the spare room subsidy by:
- Reversing George Osborne's £150 million tax cut for hedge funds.
- Scrapping the Conservative party's "share for rights" scheme, which Labour claims has opened a tax loophole of up to £1 billion.
- Tackling tax scams in the construction industry, which Mr Miliband believes is costing £500 million in lost revenue.
More top news
One estimate suggests that higher mortgage repayments could squeeze hard-pressed householders into debt peril.
Calculate your monthly mortgage repayments if interest rates rise.
Fast-melting Arctic sea ice has forced some 35,000 Pacific walruses to retreat to the Alaska shoreline.