Speaking on the BBC’s Andrew Marr Show on Sunday, Cable signalled the government would use the Autumn Statement, on December 5, to unveil a new tax rate for the well off.

The Telegraph reports Cable said the debate around taxing the rich would “resolved in the next few weeks”. The paper said the most likely vehicle would be increasing taxes on homes.

Cable said: “There needs to be a sense of fairness – better off people in society have got to contribute more. There are arguments around taxation, property taxation – I do not know where that has got to be it will be resolved in the next few weeks.

“But the principle is right – the people at the top of society have got to pay more.”