Speaking ahead of the Conservative Party Conference David Cameron has ruled out any 'mansion tax' to increase the Treasury's coffers.
Chancellor George Osborne taxes on the rich were not the way to deal with the deficit or the debt. He said:
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.
Speaking to the Andrew Marr Show the Prime Minister said;
I don't actually believe we should be a country where if you work hard, you save, you buy yourself a house, you try to pay down the mortgage, you save and invest into that house, I don't want to be a country that comes after you every year with a massive great tax. So that is not going to happen. What we have put extra tax (on) is when people buy very expensive property.
George Osborne who told Sky News:
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.