Since the 'mini' Budget, an old line has been doing the rounds: “I’ve got a joke about trickle-down economics – but 99 per cent of you will never get it.” Last week’s fiscal statement saw the government introduce a slew of tax cuts, including the now-scrapped removal of the additional rate of income tax from next April.
This made up a small proportion of the package’s £45bn total cost. The move was targeted at those earning £150,000 or more, who would have seen their personal income tax rate fall from 45p to 40p. But would this effort have paid off?