Rachel Reeves responds to the government u-turn on cutting the 45p

Responding to the government u-turn on cutting the 45p rate of tax, Shadow Chancellor of the Exchequer Rachel Reeves MP said:

“The Prime Minister has been forced to abandon her unfunded tax cut for the richest one per cent - but it comes too late for the families who will pay higher mortgages and higher prices for years to come.

“The Tories have destroyed their economic credibility and damaged trust in the British economy. 

“There’s no plan to clear up the mess of 12 years of Tory government. They’re making it up as they go along.

“This is not over - it’s not just some distraction. 

“They need to reverse their whole economic, discredited trickle down strategy.

“Their kamikaze Budget needs reversing now. As the party of fiscal responsibility and social justice, it will come to the Labour Party to repair the damage this Tory government has done.”