The head of the Country and Land Business Association warned that tracts of productive soil could also be bought up by environmental charities for 'biodiversity projects' that generate no IHT.

The Deputy Prime Minister said Labour would put restrictions on new social homes in England 'so that we aren't losing that stock'.

Documents last night revealed for the first time that the Prime Minister is the 'owner of [a] let family home'. He has owned a property in Kentish Town for 20 years and paid off the mortgage last year.