Tory MP brands mini-budget a communication 'error' that 'sent out the wrong signals'
28 September 2022, 11:29 | Updated: 28 September 2022, 11:33
The Chancellor's mini-budget was an "error" of communication and the cut on the top rate of tax "sent out the wrong signals", Tory MP Sir Robert Neill has told LBC.
It comes as global finance chiefs met with the Chancellor today after his tax-cutting budget spooked markets, sending the pound plummeting and leaving millions of Brits facing rocketing mortgage bills.
JP Morgan's chief executive in Europe, the Middle East and Africa arrived at the Treasury today for a meeting with Mr Kwarteng, as did Bank of America’s President of International Bernard Mensah.
MP for Bromley and Chislehurst, Sir Robert Neill, told LBC News' Lisa Aziz: "There's been an error in the way the government has communicated this, because a lot of the proposals are very sensible and I would support them, but I do think that we should think again about the top rate cut, the 45% cut, because I am concerned that we're not paying enough attention to the dangers of inflation."
Sir Robert described himself as "a traditional Conservative" who believes in "sound money". He said the appearance sparked by the mini-budget that "we're not taking inflation seriously enough" is what "spooked" concerns in the market.
"Now the Chancellor has now said he's going to bring forward a medium-term financial strategy which will talk about how we pay down the debt that's being run up, both to Covid and because of the level of tax cuts, so I think he should bring that forward," Sir Robert urged.
Sir Robert said that because of the war in Ukraine and the cost-of-living, he could "see" the argument for reducing the basic rate of tax and national insurance, but that the cut in the top rate of tax was "poor communication" and "sent out the wrong signals".
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