Osborne: 'You can't just tax the rich to solve the deficit'

George Osborne has said that dealing with deficit cannot be left solely to taxing the rich, but must also include welfare reform as answered questioned on Sky News about the 'mansion tax' he and David Cameron have today rules out:

The richest in out society have to contribute most to dealing with these problems of debt and deficit, but we're equally clear that frankly you can't ignore a welfare system where it has paid people, in some cases, to not work rather than to work.

So we're also addressing the welfare system and frankly you're not a serious contributor to the debate about how to deal with debt and deficit if you think it can be exclusively done through taxes on the rich.

We completely understand that it's got to be done across the board, looking at government spending but we're also very clear the rich will share in the greatest share of the burden of dealing with this problem.

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Cameron signals further cuts

The Conservative Party's annual conference opened in Birmingham today. David Cameron ruled out the 'mansion tax' saying this 'not going to happen.' He also signalled that additional benefit cuts would be necessary to fight the deficit.