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Clegg: Tax the Rich to turn around Recession

Liberal Democrat leader, Nick Clegg, has suggested a ‘wealth tax’ on richer Britons in order to reverse the economic crisis that has seen the UK enter into recession for the second time in five years.

Mr Clegg, who is Deputy Prime Minister of the coalition Government proposed that “people of a very considerable personal wealth have got to make a bit of an extra contribution” in order to assist what he describes as a “national effort”, in regards to turning the economy around.

It is thought that Mr Clegg will use a Liberal Democrat party conference next month in order to outline the plans for his proposed wealth tax, which he feels will make society within Britain more ‘cohesive’.

This is not the first time the Liberal Democrats have targeted increased taxation for the wealthy, after they campaigned for a so called ‘mansion tax’, which would be aimed at properties worth more than £1m or £2m. This was considered by the Chancellor earlier in the year, in return for support from the Liberal Democrat party in scrapping the 50p higher rate of income tax, but was eventually rejected after a deal was not reached.

Britain would not be the first economic power to target their millionaires in order to recuperate economic stability, with several other countries, including France, already doing so.

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