“He described it as a ‘time limited contribution’ to the ‘national effort’ – since it was becoming clear, he said, that the country was embarked not on a ‘short economic battle’ but a ‘longer economic war’. Mr Clegg said it would be ‘people of considerable wealth’ who would be asked to make such a contribution. But it is unclear how Mr Clegg’s new tax could be put in place quickly. It would apparently require a system to value people’s assets since it is these – rather than income – which would face the levy.”
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