UK Prime Minister Liz Truss said on Tuesday she was ready to make “unpopular decisions” such as lifting the cap on bankers’ bonuses and reversing tax increases to boost the country’s economy.
Speaking in interviews in New York ahead of the administration’s rollout of emergency budget measures later in the week, Truss said tax cuts were key to spurring economic growth, even though they benefit the wealthiest the most. than the poorest.
“We have to make difficult decisions to ‘straighten’ our economy well,” Truss justified, adding that the government will look at “all tax rates” and that “the business tax has to be competitive with other countries in order to attract that investment.” .”
Truss, who has been prime minister for just two weeks, faces immediate pressure to deliver on her promises to tackle the UK’s cost-of-living crisis and an economy headed for a potentially prolonged recession.
Critics say his free-market, low-tax economic views, inspired by former British Prime Minister Margaret Thatcher and former US President Ronald Reagan, are the wrong response to the crisis.
Truss, who is in New York to attend the United Nations General Assembly, confirmed the budget change will reverse an income tax increase in effect this year to help finance health care and undo a plan to raise the tax. corporate.
He also made it clear that the government will lift the cap on bankers’ bonuses imposed after the 2008 global financial crisis.
“I don’t buy this argument that lowering taxes is somehow unfair,” he said in interviews with British broadcasters at the Empire State Building.
“We need to define our tax policy based on what will help our country succeed, what will create an economy that benefits everyone in our country. What I don’t buy is the idea that tax cuts for businesses don’t help to people in general.” , he declared.
Source: TSF
