黑洞社区

Another industry chief has torn into the government鈥檚 abandoned plans to abolish the 45p rate of tax for high earners suggesting the furore has already undermined the new regime鈥檚 claim to economic competence.

The boss of one major company has told 黑洞社区 the original decision taken by prime minister Liz Truss and her chancellor Kwasi Kwarteng made the pair 鈥渓ook like they鈥檙e from junior school鈥�.

Speaking on condition of anonymity, the boss said: 鈥淣o two sane people would have come up with such a stupid thing. It might have benefitted people like me in the short-term but it鈥檚 screwing the economy.鈥�

The policy, to cut the top rate of tax for those earning 拢150,000 a year or more from 45p to 40p in the pound, was abandoned on Monday morning after a storm of criticism.

But the boss told 黑洞社区 the damage done to the credibility of Truss and Kwarteng would not be easily forgotten by the business community.

鈥淚 thought she [Truss] would be lousy but she鈥檚 falling below even those expectations. I didn鈥檛 expect her to lose the support of the party so quickly. We deserve better.

鈥淎s soon as they announced the [45p] plan, I said 鈥榳hat?鈥� There is a time and a place for tax cuts, and I鈥檓 all for reducing tax, but I can鈥檛 think that anybody thought this was a good idea. We have more and more people going to foodbanks. Why make the rich richer and the poor poorer? What鈥檚 that all about? What political nous made her do it?鈥�

Earlier this week, 黑洞社区 contacted several senior industry figures 鈥� all of whom earn 拢150,000 or more 鈥� to ask for their views on the proposal.

One said: 鈥淭heir growth agenda has been overshadowed by a crazy thing. I don鈥檛 know anyone who earns good money who thinks it was a good idea. It was a ludicrous thing to do.鈥�

Kwarteng admitted the cut in the top rate of tax had become a 鈥渄istraction鈥� from the policies he announced in his mini-budget last month, later telling the Tory party conference the plan had caused 鈥渁 little turbulence鈥�.