By Mark Kleinman, City Editor
One of Britain's most successful investors has issued a thinly veiled swipe at Labour's proposed mansion tax and warned that "populist politics" risk derailing Britain's economic revival.
Speaking to Sky News, Danny Truell, chief investment officer of the Wellcome Trust, the medical research charity, said a lack of clarity about politicians' intentions toward key industries was potentially damaging.
Mr Truell did not explicitly identify Labour's proposals for a tax on expensive homes, but people close to the Wellcome Trust confirmed its anxiety that the party had not said whether charities would be exempted from a new levy.
"In the UK, populist policies risk derailing progress in restoring balance in the economy," Mr Truell said.
"We own £1.2bn of residential property in the UK; there is no clarity on how charities will be treated in respect of property taxes, which can only damage confidence in the short term."
His warning will reinforce impressions of a gulf between Mr Miliband's party and the interests of business leaders and the City.
Labour has pledged to address that perception despite pledges of a crackdown on the banking, energy and property industries.
Mr Truell oversees a vast investment portfolio at the Wellcome Trust, which includes shareholdings in companies such as Apple, Marks & Spencer, Twitter and Vodafone.
The research foundation's residential property assets include more than 1700 units in South Kensington in Central London, which it said today may generate "more muted" returns in the near term because of "political concerns and overly strong recent price appreciation".
Mr Truell was speaking to coincide with the disclosure of another stellar annual performance by the Wellcome Trust's investment division, which generated a total return of 15.4% in the year to September 30.
That equated to a £2.5bn return, which will contribute to a £4bn investment in charitable activities during the next five years.
Mr Truell added that the current slump in oil prices would be conducive to growth in Europe and Asia, and said he was surprised by the market's reaction.
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