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Liverpool Echo
Liverpool Echo
Entertainment
Kate Lally

'Another U-turn' after Martin Lewis hits out at Treasury

Good Morning Britain's Susanna Reid celebrated 'another U-turn' on Tuesday's show, and it came after her friend Martin Lewis intervened.

On Monday, the Chancellor's reversed his plans to axe the 45p tax rate. In a tweet, Kwasi Kwarteng said: "We get it, and we have listened".

He then issued a statement, part of which said: "It is clear the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country."

READ MORE: Martin Lewis warns 'don't buy that house' as mortgages could rise by £5k a year

Susanna told viewers there had been another U-turn, after the Treasury sent out a message on Monday. A social media post said there would be "£12,700 in new tax and energy savings".

It explained a typical first time buyer in London moving into a terraced house would save £11,250 on stamp duty and £1,050 on energy bills. It added: "And if they earn £30,000, almost an additional £400 on tax".

However, Martin Lewis took issue with the message. Responding on Twitter, he said: "This is nonsense. To make that stamp duty, you'd need to be buying a £500,000+ property. How can someone on £30k afford that?"

The Treasury has since deleted its post, and in response to Mr Lewis, it said: "While the figures were statistically accurate, we recognise assumptions were made about the typical first time buyer profile which weren't reflected. We take responsible messaging very seriously, which is why we've deleted the tweet."

Good Morning Britain airs weekdays from 6am on ITV and the ITV Hub

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