Will the Lib Dems veto welfare cuts?

If the Lib Dem conference was all about proalition, the Conservatives seem determined to at least start their conference in a less coalicious frame of mind. This morning Chancellor George Osborne made very clear on Murnaghan on Sky News that he would not introduce either a wealth tax or a mansion tax: measures Nick Clegg has called for as the price of the Lib Dems supporting further welfare cuts. Osborne said:

‘I don’t think either of those ideas are the right ones. I don’t think a mansion tax is the right idea because, I tell you, before the election it will be sold to you as a mansion tax and then after the election a lot of the people in Britain are going to wake up and find their more modest homes have suddenly been reclassified as a mansion.

‘So we’re not going to have a new mansion tax, nor do I think it’s sensible to have a wealth tax in the sense of a sort of tax on your wealth levied annually.