Liberal Democrat Treasury spokesman Vince Cable’s pledge to introduce an annual levy on homes worth more than £1m has gone down like a 3 bed semi in a credit crunch.

Key figures from the property sector claimed that his plans would wreak havoc on the housing market.

Others have suggested that the broader effects would be much worse with the non-dom levy and the 50 per cent tax rate already scaring the wealthy. Their argument goes – squeezing the pips out of the rich would send them a clear signal ­– get out quick. If the UK lost its attractiveness to the highly paid or highly motivated, t he predicted £17bn in gains would quickly evaporate as the movers and shakers took their earnings and their tax liabilities elsewhere.

All hypothetical of course – as good as he might be the VC is unlikely to be crossing the threshold of No.11 in the near future.