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.
Share this..
Related stories
Why is Alistair Darling playing down his next budget?
Over the last 48 hours the UK government has made a determined effort to play down hopes of a giveaway budget later this week. Why is Alistair Darling playing down his next budget and what does he have up his sleeve? While there is no doubt that Alistair Darling can ill afford a giveaway budget it looks as though he may have around £5 billion to play with which he can use to surprise consumers...
Read MoreLloyds bank in line for £2.5 billion hit
Rumours in the city today suggest that Lloyds bank is in line for £2.5 billion hit in order to allow the company to withdraw from the UK government's toxic asset insurance scheme. This is a scheme which was originally brought together to allow troubled UK banks to insure their potentially toxic assets and effectively strengthen balance sheets in the short to medium term. However, a recovery in th...
Read MoreHow much has the UK recession cost us?
While it is very difficult to comprehend the billions upon billions of pounds being mentioned in budgets, national debt and other discussions, how much has the UK recession cost UK taxpayers?
One way to look at this particular subject is to look at government debt and how this is financed. To give an example of where we are at the moment, it will cost the UK government a massive £2...
Petrol price increase hits UK motorists
UK motorists will this weekend feel a little lighter in their pockets as the UK government's 1.2 pence a litre increase in fuel duty comes into play. The average price of a litre of unleaded petrol is set to hit £1.20 which equates to over £5 a gallon. This comes at a time and UK motorists appear to be nothing but cash cows for UK government when money is required. The cost of insurance has also...
Read MoreLondon businesses to be hit with 2% levy for Crossrail development
Boris Johnson, the Mayor of London, has today confirmed that London businesses will pay a levy of 2% from April 2010 to assist with the cost of the £16 billion Crossrail development. However, commercial premises with a rateable value of less than £55,000 will be exempt from the levy taking out around 80% of small and medium-sized businesses in the area. It is thought that the two pence in the...
Read More