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GEORGE Osborne warned against driving away the wealthy after Nick Clegg called for a temporary tax on the rich.

The Chancellor said he had already taken steps to ensure the UK's highest earners pay more but insisted it was vital to hang on to those who would fuel the economic recovery. Deputy Prime Minister Mr Clegg has called for those of "very considerable" wealth to contribute more to turning around Britain's fortunes.

But during his visit to Sunderland, the Chancellor said: "I am clear that the wealthy should pay more, which is why in the recent budget I increased the tax on very expensive property transactions. But we also have to be careful as a country we don't drive away the wealth creators and the businesses that are going to lead our economic recovery."
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Publication:The Journal (Newcastle, England)
Date:Aug 30, 2012
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