10.6 C
Friday, September 22, 2023
HomePoliticsLiz Truss demands tax cuts and claims her economic plan succeeded

Liz Truss demands tax cuts and claims her economic plan succeeded

  1. Liz Truss Blames Swift Demise on Political and Economic Establishment
  2. Truss Defends Her £45 Billion Tax Cut Program
  3. Critique of Rishi Sunak’s Administration and Truss’s Proposed Tax Changes

In a speech on Monday, the ex-prime minister, who was only in office for 49 days, will attribute her swift demise to the “political and economic establishment that fed the markets.”

Liz Truss will likely urge the government to cut taxes and claim that her economic expansion strategy worked.

A year after her disastrous mini-budget, the former Conservative prime leader will claim her £45bn tax cut project was funded.

Monday, she will acknowledge that she and her chancellor, Kwasi Kwarteng, were in a “hurry” to achieve “results” during a speech at the Institute for Government think tank in central London.

Ms. Truss will also attribute her quick demise to the “political and economic establishment that fed the markets.”

Liz Truss demands tax cuts and claims her economic plan succeeded

Her comments come after former Bank of England governor Mark Carney launched a withering attack on Ms. Truss, accusing her government of transforming the United Kingdom into “Argentina on the Channel.”

Ms. Truss will state in her address, “I was effectively coerced into a policy reversal by the threat of a UK meltdown.”

She will also assert that the description of her proposed tax cuts as unfunded is “not fair or accurate.”

Ms. Truss will add, “Independent calculations by the Centre for Economics and Business Research indicate that reducing the higher rate of income tax and the ‘tourist tax’ would have increased rather than decreased revenue within five years.

In contrast to being unfunded, therefore, these tax cuts could have increased funding for public services.

Additionally, the policies of her successor, Rishi Sunak, will be criticized.

Ms. Truss will allege that Mr. Sunak’s administration spent £35 billion more than hers in Downing Street after 49 days.

She will say, “North Sea investment would not have faltered if not for the windfall tax.”

We would have moved forward with hydraulic fracturing, and lower energy costs would be on the horizon.

“A more competitive corporate tax rate would have prevented companies like AstraZeneca from relocating.

There would have been an increase in duty-free consumers and self-employed individuals.

Before Chancellor Jeremy Hunt’s Autumn Statement, Ms. Truss will advocate for a reduction of corporation tax to 19%.

She will also propose eliminating the tourist tax (value-added tax imposed on visitors) and the surplus tax.

Jonathan Ashworth wrote to the prime minister to block Ms. Truss’s unpublished resignation honours list before her speech.

Mr. Ashworth wrote in his letter to Mr. Sunak, “Families and businesses across the United Kingdom are still paying the price for the Conservative Party’s economic mismanagement, which has left working people worse off with higher taxes, higher mortgages, and higher food and energy expenses.

“It has been reported that Liz Truss has nominated as many as fourteen individuals for resignation honors”.

This means that those who caused the economic collapse, who caused millions of homeowners to pay more for their mortgages, and who undermined our economic institutions could be awarded.

“I strongly urge you to deny these honors.”

Daisy Cooper, the deputy leader of the Liberal Democrats, ridiculed Ms Truss.

She said: “Liz Truss giving a speech on economic growth is like an arsonist giving a talk on fire safety.”

Read More


This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Popular

King Charles Extends Olive Branch to France in Historic Speech

King Charles's Historic French Speech Strengthening UK-France Relations Acknowledging Kindness and Cooperation In an unprecedented address to the French Senate, King Charles expressed the United Kingdom's enduring...

India Suspends Canadian Visas Amid Escalating Diplomatic Tensions

India suspends Canadian visas. Diplomatic tensions over Sikh separatist. Canada reduces staff in India. In the wake of an intensifying dispute over the killing of a Sikh...

School Bus Roof Accident: ‘Miracle’ Escape in Essex

School bus roof accident: Essex Lucky escape for students No serious injuries reported. In a startling incident in Essex, two children narrowly escaped a potentially catastrophic situation...

Bank of England Leaves Interest Rates Unchanged After 14 Consecutive Hikes

UK interest rates unchanged at 5.25% Surprise decision amid slowing inflation Uncertainty lingers for homeowners In a surprising turn of events, the Bank of England has decided...

Recent Comments

%d bloggers like this: