Cabinet reshuffle: Sajid Javid resigns as chancellor - BBC Newsnight

Rishi Sunak with club officials from left Bruce Storr Bob Dixon Jim McRobert David Broadley and David Ward

Javid's budget plans were understood to have been well developed.

Now higher earners get 40 per cent tax relief on pension contributions, compared with 20 per cent for lower earners.

It's understood that Javid - who has served as Britain's finance minister since July 2019 - made a decision to quit his role after refusing No 10's request to sack his advisers, according to several media reports.

It must hold a budget before the end of the tax year on 5 April.

"The Prime Pinister wants this reshuffle to set the foundations for government now and in the future", sources in his Downing Street office said.

Transport Secretary Grant Shapps stated the date would be a question for Mr Javid's alternative, Rishi Sunak.

Emma Barnett speaks to former treasury minister, David Gauke and Lord Lamont former Chancellor of the Exchequer.

The former Chancellor nailed his colours to the mast by "liking" a tweet warning that Britain is already "overtaxed" with the highest tax burden for a generation.

Mr Sunak was Chief Secretary to the Treasury before taking over from Mr Javid.

Mr Redwood said instead of tax rises the Government should be drawing up a list of targeted tax cuts, including stamp duty, to stimulate growth.

Mr Sunak, who replaced Mr Javid when he resigned in last Thursday's reshuffle rather than fire his team of understood to be considering delaying the budget beyond the now announced date of March 11.

He said: 'You can not tax people into prosperity.



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