Matthew Lynn Matthew Lynn

Will anyone ever be able to cut the 45p tax rate?

(Credit: Getty images)

Well, that went well. Kwasi Kwarteng’s decision to axe the 45 per cent top rate of income tax triggered a crash on the financial markets. It then ran into so much opposition from the public and from Conservative MPs fearful for their seats that it had to be scrapped completely. Right now, it seems unlikely that any politician will want to revisit the subject any time in the next two or three millennia.

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