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UK Prime Minister Liz Truss defended her policy of cutting taxes and helping grow the nation’s stagnant economy in a recent interview.
“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 maximum of 70 years in our tax rates. And what I’m determined to do as Prime Minister, and what the chancellor is determined to do is make sure we are incentivising businesses to invest, “Truss told CNN’s Jake Tapper in a pre-recorded interview that was released on” State of the Union “on Sunday.
Truss, who became prime minister on September 6, ushered in the return of the supply-side economy policy of former prime minister Margaret Thatcher, cutting taxes with the aim of increasing production. The cuts include stopping the plan to raise the corporate tax rate and raising the ceiling on bonuses for bank executives.
“And we’re also helping ordinary people with taxes. And that’s why I don’t think it’s right to have higher national insurance and higher corporation tax because that will make it harder for us to attract the investments we need. in the UK. it will be more difficult to generate those new jobs. “
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Liz Truss meets supporters at an election campaign for the Conservative Party leadership in Birmingham, England on August 23, 2022.
(Photo AP / Rui Vieira, File)
“And I want the US economy to be successful too. I want the European economy to be successful too. I want freedom-loving democracies to be successful,” he continued.
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Critics have criticized her for the move, calling the cuts “for the rich” during a looming recession. Truss has repeatedly rejected criticism, saying she is ushering in a “decade of dynamism”.
The Houses of Parliament in London on 23 September 2022.
(Chris J. Ratcliffe / Bloomberg via Getty Images)
“Growth means that families have more money in their pockets, more people can work in high-paying jobs, and more companies can invest in their future. It provides more money to finance our public services, such as schools, the NHS and the police,” The UK Prime Minister wrote in an essay published Sunday by The Mail.
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Queen Elizabeth II greets newly elected Conservative Party leader Liz Truss when she arrives at Balmoral Castle for an audience where she would be invited to become prime minister and form a new government on September 6, 2022 in Aberdeen, Scotland. The queen died on September 8, 2022.
(Jane Barlow – WPA Pool / Getty Images)
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“We will be unrepentant in this quest … everything we do will be tested if it helps our economy grow or holds it back,” he added.
