The Lib Dems may have failed to enforce a ‘mansion tax’, but they are still intent on targeting the affluent.
After having failed to persuade Chancellor George Osborne to chug full steam ahead with the ‘mansion tax’ – an annual levy on high-value properties – Nick Clegg is now campaigning to force Britain’s highest earners to pay out more tax.
The Deputy Prime Minister declared that millions of middle-class Brits should brace themselves to pay higher taxes.
He stated that the ‘top 10%’ – which equates to three million people earning in excess of £50,500 – should prepare to pay more tax.
At the Liberal Democrat conference in Brighton, Mr Clegg said: “As fiscal restraint has to carry on for longer than we thought, you have to ask people at the top to make a [further] contribution.”
He added that he was confident the Conservatives would sign up to the new taxes on the top 10%.
If they were enforced, the new taxes would affect middle class families in Conservative areas such as London and South East.
Primary school deputy heads, police inspectors, fire brigade watch managers and senior nurse consultants would be among those hit by the levy.
Mr Clegg told BBC’s Andrew Marr show: “We now know that the country is going to have to go through a period of belt-tightening for longer than we’d hoped.
“When I hear people from the Right say all the money should come from poor people who have lost their work and need some support before they find new work, that all the money should be taken away from them – I’m saying no, hang on a minute, let’s make sure that we do this as fairly as possible.”
If you fall into a low tax bracket and are far from being affected by the hikes, you may be considering taking out a loan.
If you are struggling with monthly bills and other expenses, it is always worth budgeting and reviewing your finances before taking out a loan.