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45p rate tax cut 'was wrong on every level', says Grant Shapps

01:12

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.

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