Tax cut plans were ‘forced’ on Kwarteng
KWASI Kwarteng was against the Government’s plan to slash the top 45p rate of income tax – but was overruled by Liz Truss, it has been claimed.
The former Chancellor was sacked by the Prime Minister on Friday in the wake of the turmoil caused by his mini-Budget.
Ms Truss had said the most contentious policy put forward, the proposed cut in the top rate to 40p, was Mr Kwarteng’s plan.
But sources have suggested it was effectively forced on him after he suggested to the PM that it should be delayed until next year to avoid “doing too much at once”.
The premier is understood to have said: “No, let’s go for it.”
Ms Truss reversed the plan at the Tory Party conference in Birmingham earlier this month after the pound fell dramatically against the dollar.
An ally of Ms Truss said the PM had “little choice” but to sack Mr Kwarteng.
It was said the whips’ office and senior party officials – including Sir Graham Brady, chairman of the 1922 Committee – all thought that the Chancellor had to lose his job in order to stabilise both the party and the economy.
Ms Truss delivered the news to Mr Kwarteng at a meeting on Friday after he flew back earlier than planned from talks at the International Monetary Fund in Washington.
He learned from social media that he was being dismissed as he was being driven to Downing Street, it was said.
Mr Kwarteng became the second shortest-serving Chancellor, having had the role for just 38 days.
But he is understood to believe that Ms Truss has bought herself just “a few weeks” by sacking him and reversing the budget, because the “wagons are circling” now.
Mr Kwarteng was not available for comment last night.