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Nick Clegg: 50p income tax rate should stay

11 November 2011 Last updated at 17:04 GMT

Nick Clegg has said that he would not support calls for the abolition of the 50p tax rate, as it was not a priority when "millions of people on ordinary incomes are struggling to make ends meet".

The deputy prime minister's comments came after the Daily Telegraph published a letter from senior City figures which urged the chancellor to "accelerate" plans to scrap the higher rate of income tax.