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Page last updated at 08:10 GMT, Monday, 8 October 2012 09:10 UK

George Osborne: 'There will be new taxes on rich people'

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The Chancellor, George Osborne, will tell the Conservative Party Conference in Birmingham this morning that a further £10bn can be cut from the welfare budget.

He says £18bn of savings have already been identified.

Talking to the Today programme's James Naughtie, Mr Osborne said: "The rich need to contribute more... but you've also got to look at government spending."

"There will be new taxes on rich people in the years ahead," he added.

He went on to say that welfare spending must be cut further and explained that the government must find £16bn-worth of cuts in the year 2015-16.

"The rich need to contribute more, as they have in all my budgets, but you can't just balance the budget on the wallets of the rich," he said.

"Anyone who tells you that isn't speaking the truth. You've also got to look at government spending and you've got to look at welfare."


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