It’s time the shadow chancellor fell on his sword, argues Anthony Seldon. Ed Miliband would be stronger for it, Labour would lose the taint of tax and spend, Yvette would be pleased . . . and even Balls might benefit.
The Deputy PM went further than before and accused his coalition partners of turning "a blind eye to the super wealthy" by opposing a mansion tax.
The Labour leader's speech has reminded voters of two distinctive and popular Lib Dem policies: increasing the personal allowance and introducing a mansion tax.
The party plans to adjust thresholds elsewhere in the tax system, so that higher-earners don't gain from a lower starting rate of income tax.
As the NS has long argued, Labour should fund tax cuts for low and middle earners by finding new ways of taxing static assets, such as mansions and land.
The Labour leader has distanced himself from one of Gordon Brown's biggest mistakes, demonstrated his commitment to redistribution and left the coalition playing catch-up.
The Labour leader calls for a mansion tax on homes over £2m to fund the reintroduction of a 10p tax rate.
The Labour leader adapts Obama's "growing from the middle out" and calls for a "recovery made by the many, not just a few".
The PM's decision to cut taxes for the highest earners left him vulnerable to Miliband's Reagan-style attack over living standards.
The by-election is an important test of the party's ability under Miliband to appeal to southern voters.