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Government rules out ‘mansion tax’ and pledges £10bn benefit cut

The Government has ruled out the introduction of a so-called ‘mansion tax’, and has stated that it needs to make a further £16bn of savings by 2015/16 in order to meet its fiscal targets.

Deputy Prime Minister Nick Clegg recently vowed to push for the introduction of a wealth tax, with one option being to target high value properties through reform of the council tax system.

However, despite the renewed calls from the Liberal Democrats, Chancellor George Osborne has announced that he will not support an annual wealth tax, commenting, ‘Other countries have tried that and it has not worked, it has driven enterprise abroad’.

Meanwhile, Prime Minister David Cameron has pledged to cut the welfare budget by a further £10bn by 2016.

While echoing the Chancellor’s comments on a wealth tax, the Prime Minister stated, ‘we are going to take further action to make sure the richest people in our country pay a fair share towards deficit reduction’.