Kwarteng may make major changes to Sterling Rockets masterplan, reports City & Business | Finance

One of the Tories’ richest donors has launched an attack on the government over plans to scrap the 45 per cent tax rate.

John Caudwell, the billionaire founder of Phones4U, said the scrapped policy was “blatantly hysterical madness”.

He added: “There is no sense of politics in it. There is no sense of fairness.”

After the proposal sent markets into a slump, President Kwasi Kwarteng was forced to make a U-turn on his plans to scrap the high income tax rate.

Mr Caudwell, who gave £500,000 to the Tories in 2019, told Bloomberg: “I’d like to meet Kwasi Kwarteng so he can tell me what he thinks.

“I’ll be surprised if I don’t shoot him on fire at every turn because that’s crazy.”

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