The decision to U-turn on the 45p rate of tax came so late that the Prime Minister had already pre-recorded TV appearances defending her original decision
Early on Sunday evening, Liz Truss was clear – there was to be no rowing back on her economic plan, even the highly unpopular proposal to revoke theIn an interview with her local TV station, ITV Anglia, the Prime Minister said that cutting taxes across the board would “put the British economy on a path to long-term growth”. Asked specifically, “So you won’t change your mind on the 45p?”, Ms Truss replied simply: “No.
By the time the clip was actually broadcast, on Monday afternoon, it was already out of date. After weathering 10 days of collapsing markets, atrocious polls and rising backbench anger, the Prime Minister and Chancellor, her close friend and political soulmate, decided they had no choice but to reverse course.
This was the outcome the pair had fought bitterly to avoid. Time and again, they insisted that there woud be no U-turn, that the reduction in the top rate was a crucial part of the package which is designed to lift Britain’s economic growth to 2.5 per cent a year.who helped jolt them out of their complacency.
Ms Truss summoned the Chancellor to her suite in the Hyatt hotel – he had to walk out of a formal dinner before finishing his food after getting the call, according to witnesses – for crunch talks on the next steps. As well as Mr Gove’s intervention, the leadership team was spooked by the growing anger of MPs who were not yet ready to go public. No 10 and the Treasury had done little work to prepare the ground for the
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