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Pension schemes could be the answer to home ownership

Nick Clegg taking questions today at the party conference Photo: Reuters

Parents and grandparents will be allowed to draw on their pension pots to secure deposits for young family members in a bid to boost home ownership, Nick Clegg said at the Liberal Democrat conference today.

The Deputy Prime Minister said detailed proposals were being drawn up by Liberal Democrat ministers as part of efforts to make the economy "fairer".

Speaking on BBC1's Andrew Marr Show from the Brighton gathering, he said:

This is part and parcel of something which I think most people agree with which is that as we fill in the black hole in the public finances we have to also got to make sure that we do not put Humpty Dumpty back together again and make the same mistakes, that we re-wire the British economy and make it fairer and give people more opportunities.

Let me give you one very good example: we have thousands of young people who are desperate to get their feet on the first rung of the property ladder but deposits have doubled and the number of young people asking help from family members has doubled.

He was also pressed to provide an example of a new measure that could be introduced as part of his party's plans for a new 'wealth tax'.

He conceded that "so far I have failed" to persuade David Cameron and George Osborne to accept a mansion tax.

However, Liberal Democrat peer Lord Oakeshott told ITV Political Correspondent Alex Forrest that the 'mansion tax' was still the top priority for the party, and the party was committed to making the tax a law this year

During Nick Clegg's question and answer session he was quizzed on the Leveson report, responding that as long as his recommendations are workable, they should be implemented.

Other developments at today's conference include the party backing calls to urg the coalition Government to give the Independent Police Complaints Commission (IPCC) stronger powers to help "restore trust" between police forces and the public.

Alex Forest reports on the day's events from Brighton:

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