The 45P Tax Cut Was Not Chris Phil's Idea

It has been suggested that the 45P tax cut was Chris Phil's idea. That, says one person closely involved, is total bollocks. There is no way a Chancellor can slip in a measure of that magnitude without the involvement of the PM. As with all fiscal events, the Prime Minister is asked to sign off all of the key measures three days before the budget. The move on Bankers bonuses, though, was a kind of motif for Liz Truss. Although I should say, one of the country's leading bankers described that decision as idiotic.