Cameron's 50p tax u-turn a Lib Dem victory - Chris Huhne But the Liberal Democrats warned that it should not be reduced unless other taxes on wealth were introduced. Interviewed on the Pienaar's Politics programme on BBC Radio 5 Live, Mr Huhne indicated that the 50p rate was set to stay, remarking: "I think we've won that argument." He said that this was "partly, I think, because people simply realise that this is not an appropriate moment to send out a signal that we're going to tax well off people less." While insisting it had been a collective decision, he nevertheless suggested that pressure from the Liberal Demoracts had forced Mr Osborne's hand. "The Conservatives don't have an overall majority, so they need, if they want to get a finance bill through, if they want to get anything else through, they need to have Liberal Democrat support in the House of Commons and that's absolutely crucial," he said. Last year more than 30 business leaders wrote to The Daily Telegraph arguing that the removal of the levy would help the economy and support employment. Mr Cameron has previously voiced scepticism that the top rate is effective at raising money. But a report by Her Majesty's Revenue and Customs (HMRC), due to be delivered next month, is expected to show a "surge" in revenues totalling hundreds of millions of pounds from the first year. It is expected to defy predictions that top earners would find ways to avoid paying the 50p rate. However Mr Huhne was less forthright about the prospects of the Liberal Democrat call for a "mansion tax" being accepted as Government policy. He told John Pienaar, the presenter: "Well we'll have to see, because obviously we're in the process where we're only just beginning budget preparations and discussions. We've got quite a way to go before we get there. He argued that it was "crazy" that Russian oligarchs in multi million pound homes "pay no more council tax than maybe you or I."