Tax cuts benefit everyone by making UK economy more competitive: UK PM

UK Prime Minister Liz Truss said her tax cut plan would make the UK economy more successful and benefit the nation as a whole.

Speaking to journalists at the Empire State Building in New York on Sept. 20, Truss called for the administration of former Prime Minister Boris Johnson to reverse a policy of raising national health insurance and cancel a planned corporate tax hike. confirmed.

In an interview with Sky News, she said she does not accept the argument that tax cuts are “unfair” because they primarily benefit the rich.

she said:

“We should base our tax policy on what will help our country succeed. she said, adding: The idea is that tax cuts for businesses don’t help ordinary people. ”

banker’s bonus

In media interviews, Truss effectively confirmed plans to remove caps on bankers’ bonuses as part of post-Brexit financial rule reform.

Asked by the BBC about allowing bankers to receive more bonuses at a time when many people are struggling to pay their energy bills, the prime minister said it would be “difficult to make the UK economy more competitive”. He said he was “absolutely ready” to make a decision.

“What I want to see is economic growth,” she said.

“If that means making difficult decisions that will help make the UK more competitive, make the UK more attractive and drive the flow of investment into our country, I am ready to make those decisions. We are fully prepared.”

“Trickle-down economics”

As she spoke, US President Joe Biden criticized the type of economic policy she is advocating.

“I’m sick of trickle-down economics. It didn’t work,” he wrote on Twitter.

While his criticism was certainly aimed at domestic audiences, it emphasized the differences in the economic policies of the two leaders.

An official spokesman for the prime minister said it would be “absurd” to suggest that President Biden was criticizing the Truss’ economic strategy in a social media post.

The world’s democracies are “not prescriptive” on how to achieve economic growth, a spokesman said.

PA Media contributed to this report.

Alexander Chan