Liz Truss has declared that cutting taxes for the wealthy and profitable companies is not “unfair”, signalling a radical shift in economic policy ahead of a growth-focused mini-Budget on Friday.
The UK prime minister has signed off plans to cut national insurance, a policy that will disproportionately help the better-off, reverse a planned rise in corporation tax and lift a cap on bankers’ bonuses.
While recent Conservative chancellors have focused on the “distributional effects” of tax changes among different income groups, Truss argues that cutting the tax burden on the rich and business will boost growth.
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