Property levies to fund cut in 50p tax rate

The deputy prime minister said the top rate would be eliminated once people on lower middle incomes were "breathing more easily", but only if it was accompanied by a new tax regime for high-end properties, writes the Financial Times. The Liberal Democrat leader told the FT: "A liberal tax system rewards work and enterprise and captures pollution and unearned wealth." Clegg said the impending tax squeeze on the owners of big properties had gone almost unnoticed in George Osborne's Budget last week, a financial package that he said could have been written by the Liberal Democrats. Th...