Iceland MD: Scrapping the 45p tax rate was ‘always an odd priority’

4th October 2022

The managing director of frozen food retailer Iceland, Richard Walker, has said that scrapping the 45p tax rate was “always an odd priority”.

Speaking on Times Radio, Walker, who admits he is a ‘top rate tax-payer’, said he didn’t think the move was “a priority”.

“I look at the economy through the lens of my customers and they are really struggling at the moment. They need support, not the richest”, Walker said.

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However, Walker added that he thinks scrapping the 45p tax rate cut was the right thing to do, adding that the UK government have been “pragmatic” and have listened, despite politics “swirling around” the decision.

His statements come as the UK government announced it has decided not to scrap the 45p tax rate paid by those earning more than £150,000 a year, which was announced as part of a ‘mini budget’ package of tax cuts.

UK chancellor Kwasi Kwarteng said: “From supporting British business to lowering the tax burden for the lowest paid, our growth plan sets out a new approach to build a more prosperous economy.

“However, it is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country.

“As a result, I’m announcing we are not proceeding with the abolition of the 45p tax rate. We get it, and we have listened. This will allow us to focus on delivering the major parts of our growth package.”

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