Burnham-On-Sea MP James Heappey has welcomed the Prime Minister’s U-turn on plans to scrap the 45p tax rate.

Mr Heappey said the policy suggested the party had “the wrong priorities” and it was right to reverse the plans.

The controversial tax cut for the wealthiest 1% was one of a raft of changes announced by the Chancellor in his mini-budget two weeks ago that led to market turmoil – with the pound plummeting, the Bank of England having to step in to rescue pension funds and mortgage products being withdrawn.

Mr Heappey told Sky News during this week’s Conservative Party conference that the Treasury team were thinking of “competitiveness and attracting top end global talent” when they made the proposal.

He added: “But when you’re going through a cost of living crisis and the vast majority of people can’t even dream of earning that amount of money, it hints at having the wrong priorities.”

On the U-turn, the MP added: “The parliamentary party is feeling how the wider public are feeling, and the small mercy is that [the leadership] had the courage to do it quickly because it would have dragged on.”

 

 
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