Vince Cable said the motion put forward by Labour was originally a Liberal Democrat policy and the party was attempting to drive a wedge between the Lib Dems and the Conservatives ahead of next week’s Budget.

In February, Labour leader Ed Miliband announced Labour would re-introduce a 10p starting rate of income tax paid for through a levy on properties worth more than £2m.

However, the Institute for Fiscal Studies said the policy had “no plausible economic justification”.

The Conservatives have opposed the idea from the start, saying it wouldn’t be right to “come after [people] every year with a massive great tax”, though Prime Minister David Cameron said it was right rich people make a greater contribution.

Cable said his party would show its continued support for a policy it “created” while not siding with Labour.

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