David Cameron and George Osborne have both refused to rule out a cut in the top rate of income tax from 45p to 40p under a new Conservative government after the general election.

The prime minister and chancellor of the exchequer were interviewed separately by Sky News on Sunday.

Cameron, speaking in his constituency, Witney, in Oxfordshire – where he was pictured cuddling a lamb – said it cutting the top rate of tax was not "our policy, it's not our plan", but declined to rule it out.