Truss was wrong on the politics and timing of scrapping the 45p tax rate - but right on the economics. A 45p marginal rate is uncompetitive internationally. Gordon Brown introduced the 50p and 45p rates one month before he was booted out of Government in 2010. It was a poison pill for the new Tory-LibDem coalition. Scrapping the 50p rate led to an £8 billion rise in tax revenue. What's not to like? Everybody wins. 

The Tories should have scrapped the 45p rate long ago at a more opportune time - like when they were adding £895 billion to the national debt in 'unfunded borrowing' which, oddly, didn't spook the markets at all!

Truss should re-commit her Government to lower, flatter taxes, which incentivise enterprise and investment - and bring them in when the economy is on the way up, not down. Memo to the PM - politics is about politics and being is rational isn't always enough!

Neil Hamilton,
UKIP Leader