Liz Truss’s tax-and-spend plans remain “unsustainable” following her U-turn on the 45p tax rate for high-earners, a leading economic expert has said.
The humiliating climbdown, announced this morning by Kwasi Kwarteng, will reduce the unfunded tax cuts in the chancellor’s mini-Budget by just £2bn, from £45bn to £43bn, said Paul Johnson, the director of the Institute for Fiscal Studies.
