George Osborne has today categorically stated he will not introduce the Liberal Democrats' proposed 'best friend tax'.
The tax, if introduced, would see many of the Chancellor's best friends paying hundreds of thousands of pounds into the treasury ever year. Not only does the chancellor fear many of the would simply move abroad, but would also see his holidays on expensive yachts drastically cut.
"You cannot give millionaires a top rate tax cut with one hand, then take some of their hard earned inheritance with the other" Mr Osborne explained.
"Morally it's equivalent to cutting the disability living allowance to somebody in a wheelchair, whilst telling them they should be working anyway. Nobody could be that cruel, can they?"
The refusal by the Chancellor to tax his friends, family and boss for the homes they live in is bound to cause more problems in the already fractious relationship with his coalition partners. However the Mr Osborne says he tried to negotiate with Nick Clegg but the compromise put forward 'would have been unworkable'.
"The Deputy Prime Minister offered to introduce a form of taxation for his best friends" Mr Osborne told reporters, "but it's impossible to tax the imaginary"
The announcement comes at the beginning of the Conservative party's annual millionaires conference in Birmingham. The conference is being seen as a great opportunity for the party's leaders to 'connect with real people' by pointing at them sympathetically.