But Tory leadership candidate Boris Johnson said the plans were “mad” and would “cripple every Brit who owns or wants to own their own home”. The Land For The Many report admits the move would be “controversial” and “would make it difficult for some households to buy properties of equivalent value when moving house”. It also calls for capital gains tax for second homes and investment properties to be hiked to “encourage people to seek more productive and socially beneficial ways to invest their money”. Shadow Cabinet minister Jon Trickett hailed the report as “groundbreaking” and said it was being used to develop policy, but the party insisted the homes tax was “not under consideration” for the next manifesto.

Privately educated Jeremy Corbyn grew up in a 17th-century manor house in Shropshire.

Mr Johnson said the report showed why the Conservatives needed a leader to take on the “loony Left”, adding: “This mad ‘tax on all your houses’ would cripple every Brit who owns or wants to own their own home. The choice facing Britain couldn’t be starker: Corbyn or modern, one-nation Conservatives,” he told a Sunday newspaper.

“This is why the Conservative Party needs a leader with a proven track record of beating the loony Left to take on Labour and defeat Corbyn and his apparatchiks, for the sake of the country.”

It was also reported that on Labour winning power, shadow chancellor John McDonnell would impose exchange controls to stop the pound from crashing as investors take fright.

The Bank of England would also lose control of interest rates and a new governor imposed.

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