Incoming British Prime Minister Rishi Sunak has promised to unite the country “not with words but with actions” and said “mistakes were made” during the disastrous 44-day reign of his now-predecessor Liz Truss.
05.10.2022 - 14:19 / dailyrecord.co.uk
Prime Minister Liz Truss has defended her Government’s disastrous mini budget that nearly tanked the UK economy.
In her speech to the Conservative Party conference, Truss claimed her widely-criticised plan for tax cuts for the wealthy was motivated by “growth, growth, growth”.
Truss - who was interrupted by environmental protestors - also refused to rule out paying for the giveaways by slashing benefits for the poor.
Her Chancellor, Kwasi Kwarteng, was blasted for a mini budget that proposed a cut to the top rate of income tax, backed a reversal of corporation tax rises and lifted curbs on bankers’ bonuses.
The unfunded plans sent the pound into freefall and led to Kwarteng u-turning on cutting the 45p rate.
In a short speech, Truss told Tory delegates the u-turn had been made as the policy had become a "distraction".
But she said: “Cutting taxes is the right thing to do morally and economically.
“Morally, because the state doesn’t spend its own money: it spends the people’s money.
“Economically, because if people keep more of their own money, they’re inspired to do more of what they do best – that’s what grows the economy.
“When the Government plays too big a role, people feel smaller.
“High taxes mean you feel it’s less worthwhile working that extra hour, going for a better job or setting up your own business.
She added: “For too long the political debate has been dominated by the argument about how we distribute a limited economic pie.
“Instead, we need to grow the pie so that everyone gets a bigger slice.
“That is why I am determined to take a new approach and break us out of this high-tax, low-growth cycle.
“That is what our plan is about. It’s about getting our economy growing and rebuilding Britain through reform.”
Amid
Incoming British Prime Minister Rishi Sunak has promised to unite the country “not with words but with actions” and said “mistakes were made” during the disastrous 44-day reign of his now-predecessor Liz Truss.
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