Business Secretary Vince Cable has said that there is a "broad understanding" in the coalition that, if the 50p tax rate is stopped, it should be replaced by a "taxation of wealth".

He told Evan Davis that, while the exact nature of the tax was currently being negotiated, a "mansion tax" was an "economically sensible way of doing it".

"Vast numbers of extraordinary valuable properties now around in the south of England are netting very large gains for their owners... it's not taxed at all," he said. "The system doesn't work".

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