Has property levy U-turn saved us all from a tax hike?

While I support the idea of a mansion tax on high-end properties, I can't help thinking that we've all been spared the misery of a council tax hike on the back of a U-turn on the property levy.

A mansion tax on property over £2 million was an idea dreamed up by the Liberal Democrat business secretary Vince Cable as a way to make those pesky property rich cough up some more cash.