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Lib Dem conference: Nick Clegg rejects housing bubble fear Lib Dem conference: Nick Clegg in minimum wage tax pledge
(35 minutes later)
Lib Dem leader Nick Clegg has rejected fears a government scheme to back mortgages will lead to another unsustainable house price bubble. Nick Clegg says he will push to ensure no one on the minimum wage pays income tax if the Lib Dems are in government after the next election.
Business Secretary Vince Cable has warned the Help to Buy scheme will inflate prices in parts of the UK. The Lib Dem leader told the BBC coalition government was good for Britain and he indicated he could do a deal with Labour as well as the Tories.
But Mr Clegg said "we are nowhere near" that and more houses need to be built. He refused to spell out his red lines - the policies he would "die in a ditch for" in coalition negotiations.
He also indicated he could do a deal with Labour as well as the Tories in the event of a hung parliament, in an interview with the BBC's Andrew Marr. But he said tax fairness would continue to be the party's "signature tune".
Making the case for coalition government, he said his "only" preoccupation was to make sure the Liberal Democrats were in government again in 2015. He told the BBC's Andrew Marr programme coalition governments would be more likely in future rather than "these slam-dunk results where one or the other of the two major parties always get a majority"
He said political parties needed to be "up-front with the British people about those issues which we really will die in the trench for and those which clearly will depend on political and economic circumstance".
He declined to say, more than 18 months ahead of the election, which policies would be his "red lines" in any coalition talks.
'Finish the job''Finish the job'
He said the UK needed Lib Dems in government because they would act as a moderating influence on the bigger parties, telling Andrew Marr coalition was "much better than either the left or the right messing things up on their own all over again". But he said: "I can give you a clue that... tax fairness will of course be one of the signature tunes for the Liberal Democrats."
"It is my genuine belief that if we go back to the bad old days, not of coalition or balanced politics, but of either the left or the right dominating government on their own, you will get a recovery which is neither fair nor sustainable. "We are committed as a party - and I am committed to this - to raising the allowance further such that... everybody on the minimum wage pays no income tax."
The personal allowance rose to £9,205 in April and to £10,000 in 2014, fulfilling a key Lib Dem demand in negotiations over the coalition agreement. Ensuring all those on the minimum wage paid no income tax would mean increasing the threshold to £11,400.
Property prices
Mr Clegg said the UK needed Lib Dems in government because they would act as a moderating influence on the bigger parties, telling Andrew Marr: "If we go back to the bad old days, not of coalition or balanced politics, but of either the left or the right dominating government on their own, you will get a recovery which is neither fair nor sustainable.
"I think Labour would wreck the recovery, and under the Conservatives - who don't have the same commitment to fairness which we do - you would get the wrong kind of recovery."I think Labour would wreck the recovery, and under the Conservatives - who don't have the same commitment to fairness which we do - you would get the wrong kind of recovery.
"Our message is that coalition is good, for the Liberal Democrats to stay in government is good, let us finish the job but let us finish it fairly.""Our message is that coalition is good, for the Liberal Democrats to stay in government is good, let us finish the job but let us finish it fairly."
He said Labour needed to "spell out" what they believed in.He said Labour needed to "spell out" what they believed in.
But he added that he was "absolutely not" already discussing a second coalition deal with the Tories, because, "you have to let the British people have their say first."But he added that he was "absolutely not" already discussing a second coalition deal with the Tories, because, "you have to let the British people have their say first."
Mr Clegg refused to be drawn on what his "red lines" might be in any coalition negotiations - the policies he "would die in a ditch for". He said his party's commitment to a "mansion tax" on properties over £2m, raising £2bn, sent a signal that "even though we are committed to deficit reduction" that would not be achieved entirely through spending cuts.
Property prices Mr Clegg also rejected fears a government scheme to back mortgages will lead to another unsustainable house price bubble but admitted ministers would have to be "vigilant" to ensure that did not happen.
But he suggested the party's "signature tune" would continue to be taking the low-paid out of income tax and his aim would be to ensure everybody on the minimum wage paid "no income tax".
And he said his party's commitment to a "mansion tax" on properties over £2m, raising £2bn, sent a signal that "even though we are committed to deficit reduction" that would not be achieved entirely through spending cuts.
Business Secretary Vince Cable has urged Chancellor George Osborne to rethink the Help to Buy Scheme, which is due to be extended in January to cover more home buyers than those just purchasing a new house or flat.Business Secretary Vince Cable has urged Chancellor George Osborne to rethink the Help to Buy Scheme, which is due to be extended in January to cover more home buyers than those just purchasing a new house or flat.
It will allow people to buy properties of up to £600,000 in value with a 5% deposit.It will allow people to buy properties of up to £600,000 in value with a 5% deposit.
Mr Cable said the government should consider changing the policy or cancelling it "in the light of changing market conditions". Other critics have suggested the scheme could be limited to parts of the country where prices are depressed.Mr Cable said the government should consider changing the policy or cancelling it "in the light of changing market conditions". Other critics have suggested the scheme could be limited to parts of the country where prices are depressed.
But Mr Clegg said there was no question of that happening and the policy would go ahead as planned. But Mr Clegg said: "We are nowhere near back to that unsustainable housing bubble," and the government and the Bank of England "have means to ensure that doesn't happen again".
"We are nowhere near back to that unsustainable housing bubble," he told Andrew Marr, adding that the government and the Bank of England "have means to ensure that doesn't happen again".
Visitor bondVisitor bond
He admitted prices in some parts of the country, particularly parts of central London , were starting to look like a bubble but said: "You can not set national policy based only on what happens in Kensington and Chelsea."
He said Britain's "housing crisis" was caused by too few new houses, something he claimed the coalition was addressing.
He also attacked Home Secretary Theresa May's immigration policies, describing an advertising van urging illegal immigrants to "go home" as "silly" and ineffective.He also attacked Home Secretary Theresa May's immigration policies, describing an advertising van urging illegal immigrants to "go home" as "silly" and ineffective.
He said talks were still going on behind the scenes about plans for a cash bond to be paid by some overseas visitors to ensure they returned home when their visas expired.He said talks were still going on behind the scenes about plans for a cash bond to be paid by some overseas visitors to ensure they returned home when their visas expired.
Mr Clegg wants the bond to be set at £1,000 and be offered to visitors from "high risk" countries who have been refused a visa as a "discretionary tool" for immigration officers.Mr Clegg wants the bond to be set at £1,000 and be offered to visitors from "high risk" countries who have been refused a visa as a "discretionary tool" for immigration officers.
Ms May wants a £3,000 bond for all visitors from so-called "high risk" countries.Ms May wants a £3,000 bond for all visitors from so-called "high risk" countries.