The economy of the United Kingdom is suffering from a longer than expected recession. Looking at the current situation, the Liberal Democrat is embarking on a plan to take down Britain’s wealthiest people with an emergency tax.

“If we are going to ask people for more sacrifices over a longer period of time, a longer period of belt tightening as a country, then we just have to make sure that people see it being done as fairly and as progressively as possible,” The Guardian quoted Clegg, as saying.

An establishment of a new banking system is under process with the idea of a business lending bank with direct or indirect support from the government.

He is keen on keeping Kenneth Clarke as the justice secretary because of his common sense and approach to criminal justice and civil liberties.

He is proposing to introduce mansion taxes to any properties above £2 million as well as reintroducing David Cameroon’s ministerial reshuffle- Known as David rules.

“What people once thought might have been a short, sharp economic battle, a short, sharp recession, is clearly turning into a longer-term process of economic recovery and fiscal restraint. That begs big questions”, The Guardian quoted Clegg, as saying.

The Liberal Democrat fears the cohesion of Britain unless the rich do not contribute on their part to tackle the deficit.

He is on the process to outline specific proposals for a wealth tax at a conference in September. The Liberal Democrat is facing harsh criticism from Chris Leslie, the shadow treasury minister.

“Nick Clegg is once again taking the British people for fools. He talks about a tax on the wealthiest, but he voted for the tax cut for millionaires in George Osborne’s Budget. And he has supported a failing economic plan which has pushed Britain into a double-dip recession and is leading to borrowing going up by a quarter so far this year”, said Chris Leslie.

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