Miliband promotes 'mansion tax'

Business Secretary Vince Cable has welcomed Labour’s support for a “mansion tax” – a policy long championed by the Lib Dems – but accused Ed Miliband’s party of “political games”.

He told Sky News: “I’m glad they [Labour] have seen sense. It’s a very sensible proposal which is designed to deal with extreme inequalities of wealth.

“It’s also designed to puncture the bubble in massive house prices, particularly in London and the south east, at the top end of the range…

“I think the Labour Party are probably playing political games but nonetheless it’s welcome that they’re endorsing it.”

Conservative - Maria Hutchings

Labour - John O'Farrell

Liberal Democrats - Mike Thornton

UK Independence Party - Diane James

National Health Action - Iain MacLennan

Peace Party - Jim Duggan

Independent - Danny Stupple

English Democrats - Mike Walters

Monster Raving Loony Party - Alan Hope

Wessex Regionalists - Colin Bex

Elvis Loves Pets - David Bishop

The Beer, Baccy and Crumpet Party - Ray Hall

Christian Party - Kevin Milburn

Trade Unionists and Socialists - Daz Procter

The Chancellor George Osborne has joined a global pledge to combat tax avoidance by multi-national firms. The move comes as Labour leader Ed Miliband continues to promote his tax plans which include a 'mansion tax' - a strategy that could put the Coalition under renewed strain.

ITV News' political correspondent Carl Dinnen looks at the battle over taxation:

Read: Miliband promotes 'mansion tax'.

Read: Osborne's global tax crackdown.

Ed Miliband promoted his plans for a "mansion tax" and to introduce a 10p tax rate, during a visit to the hotly contested Eastleigh seat today.

The Labour Party leader hopes to woo the Hampshire borough - formerly represented by disgraced Liberal Democrat ex-cabinet minister Chris Huhne - from the the Conservative party.

He said that Labour was in favour of reviving the 10p income tax rate - a move that could be paid for by a levy on £2 million-plus homes.

"This is a living standards by-election, that's the issue on the minds of so many people in Eastleigh - not being able to afford the weekly food bill, not being able to afford to fill up the car," Miliband said.

The Eastleigh by-election contest is the type of "living standards election" that will face the country in 2015 - the scheduled date of the next general election, Labour leader Ed Miliband is expected to say in a speech today.

Labour believe the revival of a 10p income tax rate could be paid for by a levy on £2 million-plus homes - a policy promised in the last Liberal Democrat manifesto but opposed by the Conservatives.

The party hopes to put the "mansion tax" proposals to a vote either before the Budget in an opposition day debate or through an amendment to the Budget-implementing Finance Bill.

"It's time for Nick Clegg and the Liberal Democrats to be honest with the people of Eastleigh and show whose side are they on," Mr Miliband is expected to say during his visit.

"They must answer this question: will they vote with Labour in advance of the Budget to force David Cameron and George Osborne to act.

"Or will the Liberal Democrats do what they've done for two-and-a-half years: prop up a Tory Government that is squeezing the living standards of the middle harder and harder?"

Tory backbenchers have been campaigning for the 10p rate to be reintroduced in next month's Budget, and the Prime Minister hinted earlier in the week that he was ready to agree.

Ed Miliband will join Labour's Eastleigh by-election campaign today with a challenge to the Liberal Democrats to back his plans for a "mansion tax" in a Commons vote.

The Opposition leader is travelling to the Hampshire town where the Lib Dems are engaged in a fierce battle to prevent their Tory coalition partners snatching the seat.

Labour is hoping for a good showing in the contest sparked by the resignation in disgrace of ex-cabinet minister Chris Huhne after he admitted dodging a speeding penalty.

But despite recruiting best-selling author and satirist John O'Farrell as its candidate, insiders acknowledge it has no realistic chance of winning on February 28.

Mr Miliband will use his visit in a bid to capitalise on his surprise announcement yesterday that Labour favoured reviving the 10p income tax rate.