British PM Truss: Tax Cuts Benefit Everyone by Making UK Economy More Competitive

British Prime Minister Liz Truss has declared that her tax-cutting plans will make the UK economy stronger.

While speaking to reporters from the Empire State Building in New York on Tuesday, Truss said the tax cuts will more the country more successful and benefit the population in general.

Truss confirmed that she will be reversing the national insurance hike and axing the planned corporation tax rise.

The two policies were created under former Prime Minister Boris Johnson’s administration.

In an interview with Sky News, she said she does not accept the argument that cutting taxes is “unfair” because it mostly benefits the rich.

“What we know is people on higher incomes generally pay more tax, so when you reduce taxes there is often a disproportionate benefit because those people are paying more taxes in the first place,” said Truss, leader of the Conservative Party.

“We should be setting our tax policy on the basis of what is going to help our country become successful—what is going to deliver that economy that benefits everybody in our country,” she said.

“What I don’t accept is the idea that tax cuts for business don’t help people in general.”

In her media interviews, Truss also confirmed her plans to scrap the cap on bankers’ bonuses as part of the post-Brexit shake-up of financial rules.

Asked by the BBC about allowing bankers to get bigger bonuses while many people were struggling to pay their energy bills, the prime minister said she was “absolutely prepared” to take “difficult decisions” to make the UK economy more competitive.

“What I want to see is a growing economy,” she said.

“If that means taking difficult decisions which are going to help Britain become more competitive, help Britain become more attractive, help more investment flow into our country, yes, I’m absolutely prepared to make those decisions.”

As she was speaking, Democrat President Joe Biden criticized the type of economic policy she was advocating.

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“I am sick and tired of trickle-down economics,” he wrote on Twitter.

“It has never worked.”

While his criticism was surely for a domestic audience, it underlined the differences between the two leaders’ economic policies.

The prime minister’s official spokesman said it would be “ludicrous” to suggest President Biden was criticizing Truss’s economic strategy in his social media post.

The post from Biden came just a day before the two leaders were set to hold talks on the sidelines of a United Nations summit.

The world’s democracies are “not prescriptive” in how they achieve economic growth, the spokesman said.

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By Nick R. Hamilton

Nick has a broad background in journalism, business, and technology. He covers news on cryptocurrency, traditional assets, and economic markets.

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