United Kingdom

Politics latest news: Liz Truss breaks silence on mini-Budget saying she is ‘prepared to make controversial decisions’

Chris Philp, the Chief Secretary to the Treasury, has defended the Government’s decision to scrap the 45p top rate of income tax. 

Asked why it was necessary to make the move now, he told Sky News: “The top rate of now 40 per cent, reducing from 45, makes us internationally competitive, it puts us on a par with a number of other economies.”

Told that the 45p decision only benefits the wealthy, he conceded that is the case: “Well, that is true, it benefits people who earn more than £150,000 but very often those are people who are internationally mobile, they can choose where to locate. 

“I talk to people who have got a choice about whether they work and live in London or Edinburgh or Birmingham or whether they go and live in Singapore or New York or somewhere. We want those people to locate here in the UK. 

“One other point, in terms of the size of that measure, it amounted to less than 1/20th, less than five per cent of the total fiscal measures. It was a very small part of the package.”  

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