Liberal Democrat leader Nick Clegg is set to enter the debate on tax today
with a speech demanding that loopholes for the City be scrapped and that
corporation tax should be cut instead.
Financial Times Clegg will acuse the Treasury of creating unnecessary
loopholes for the City which effectively amount to tax avoidance. However, it
remains unclear which loopholes Clegg has in mind.
Clegg will however say during his speech to financial services grandees at
the Gherkin, that the Lib Dem policy of 50% income tax for high earners has been
abandoned, but will emphasise that 40% should mean 40%.