Cameron says no to mansion tax
But the UK Prime Minister pledged that his government would ensure the wealthy "pay their fair share".
David Cameron has announced that the government are rejecting proposals that they charge an elevated 'mansion tax' for the super - rich.
When asked if the new tax was going to be approved, Cameron replied that this was "Not going to happen".
The 'mansion tax' idea was backed by the Liberal Democrats, as well as calls for a wealth tax on wealth levied annually. Both of these proposals were rejected.
Chancellor George Osbourne rejected the suggestions that the super rich would not contribute enough without these new measures. He stated that they were "not sensible", adding; "...After the election a lot of the people in Britain are going to wake up and find their more modest homes have been reclassified as a mansion".
He is adamant, however, that the rich will do their part in closing the budget deficit. He says that the rich "will have to make a contribution".
The Conservatives have announced that more cuts will have to be made in 2015 - 16, but in which areas can the public expect spending to be slashed?
Mr. Cameron stated that in order to "avoid cuts in things like hospitals and schools", which are services that are vital to day to day lives, the cuts will have to be made in other areas, such as the welfare budget.
Liberal Democrat Nick Clegg made it clear that the only way he would support further cuts in welfare benefits is if the richest in society were asked to contribute more towards the public purse.