Exclusive from @benclatworthy Labour is considering plans to extend the mansion tax to properties worth more than £1.5 million in the Budget in a move that would hit nearly 300,000 homes The government originally announced an extra levy worth between £2,500 and £7,500 a year on properties worth more than £2 million at the budget last November. It was expected to hit about 134,000 homes John Healey, the chancellor, is now considering extending the levy to properties worth more than £1.5 million, which would mean the number of properties caught by the tax would more than double to 271,000 homes based on current values Two government sources told The Times that lowering the threshold was a “live discussion” in the Treasury as Healey tries to find about £10 billion to balance the books in the budget on October 28. Experts have suggested that the proposal could raise £800 million a year A Whitehall source said it would signal a more “aggressive” approach to taxing wealth in a move that would appeal to backbenchers while raising additional revenues “This is seen as the most viable option because the Valuation Office is already doing the work to identify the homes worth more than £2 million, so it isn’t a massive change to capture those over £1.5 million,” they said A second government source confirmed the discussions but said there were concerns that the change would hit more modest properties in London and affect people who are not wealthy. They emphasised that no decisions have been taken The government will not push ahead with plans to overhaul stamp duty and council tax that were championed by Andy Burnham because they would take years to implement and involve a huge revaluation exercise

The Times's weekend read: * The Labour leadership contest has already begun. In No 10 Starmer is fighting for his political life, putting huge pressure on teh system to bolster his Premiership in face of existential threat posed by Andy Burnham * Expect a frenzy of activity in coming weeks - the defence investment plan, social media restrictions for under 16s, the Brexit reset. Announcements bogged down in months of bitter internal rows will finally come into public view * All the announcements are coming before or shortly after June 18th, the date of the Makerfield by-election. Starmer is trying to send a message to Labour MPs that he can deliver * He isn't the only one. Burnham has began issuing his own national leadership pledges - starting with a £300million cut in business rates for pubs and small businesses * His press release directly attacked Starmer and Reeves, accusing the government of 'undervaluing' their importance to local communities. This is a *Labour* candidate directly criticising a *Labour* government * The lines between the Labour Party and Burnham's campaign are increasingly blurred. Team Burnham now has a lot of the party machinery on his side - press officers, officials etc - and also has most of the cabinet out knocking doors in Makerfield. Power is already moving * Starmer thinks he can fight Burnham, but his allies are unconvinced. One said that he thinks Burnham has behaved 'appallingly'. 'His view is why should he make it easy for him?' * But there is an acknowledgement that Starmer is on borrowed time. That it is a case of when, not if he goes * There are divides in Team Burnham over when he should amke a move if he wins Makerfield. The 'go-now' camp say he must seize the opportunity or it could slip through his hands, using the momentum of the by-election to act decisively * But others think this could be disastrous - that he needs time to build up a proper plan for government and No 10. That if he doesn't he risks repeating Starmer's mistakes all over again * Then there's what's being billed as the 'battle for the soul of Burnham'. There are those on the left - Louise Haigh, Miatta Fahbulleh and others - who favour a radical break from Starmer. Then there are the centrists - Josh Simons, Jim O'Neill - are are said to be emphasising the importance of fiscal credibility. It is potentially a v unwieldy coalition