45p tax rate cut ‘was wrong on every level’ says Grant Shapps

The 45p tax rate cut was “wrong on every level,” Grant Shapps has said following Kwasi Kwarteng’s astonishing U-turn on the policy.

The chancellor announced this morning, 3 October, that the government would be abolishing plans to scrap the 45p rate which is paid by those who earn more than £150,000 a year.

“It was a tax cut which wasn’t even pleasing people who would have received that reduction in taxation. It was wrong on every level, the wrong timing on every level,” Mr Shapps said.

Sign up to our newsletters.