Liz Truss hits out after critics slam tax cuts as 'for the rich' and pound plummets to 37-year low
Prime Minister Liz Truss has defended her Government's controversial tax cuts as she vowed to 'usher in a decade of dynamism'. Truss has come under fire from Labour who accused the Prime Minister and Chancellor Kwasi Kwarteng of gambling with people’s finances in 'casino economics', and claimed their 'trickle-down' approach will leave the next generation worse off.
The Resolution Foundation said Mr Kwarteng’s package will do nothing to stop more than two million people falling below the poverty line. Analysis of the mini-budget by the think tank said 'only the very richest households in Britain' will see their incomes grow as a result of the tax cuts.The wealthiest five per cent will see their incomes grow by two per cent next year, while the other 95 per cent of the population will get poorer as the cost-of-living crisis continues.
"We will be unapologetic in this pursuit… everything we do will be tested against whether it helps our economy to grow or holds it back." Repeating her pledge to do things differently from previous Conservative administrations, she said: "We will usher in a decade of dynamism by focusing relentlessly on economic growth."
"I don’t really accept the… premise of the question at all," she told the US broadcaster. "The UK has one of the lowest levels of debt in the G7, but we have one of the highest levels of taxes. Currently, we have a 70-year high in our tax rates."
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