A Labour government would levy a mansion tax on properties worth more than £2m in its first weeks of taking power, Ed Miliband is expected to announce today.

Speaking in Manchester later today, the Labour Party leader is set to announce plans to commence the revaluation of expensive homes as a means of delivering up to around half the promised £2.5bn extra funding to the NHS.

Renowned public finance experts the Institute for Fiscal Studies (IFS) have calculated a mansion tax could raise up to £1.7bn annually for the Exchequer, but no firm proposals on how the levy would be charged have been published.