Rishi Sunak took aim at Liz Truss during his first address to the nation as prime minister saying "mistakes were made" while she was in office.
Unearthed 2018 clip shows Liz Truss warn tax cuts like hers could lead to 'boom and bust'
10.10.2022 - 23:07 / dailyrecord.co.uk
A warning from Liz Truss has come back to haunt her after footage showing her saying a tax cuts bonanza would lead to "boom and bust" was unearthed.
The clip, taken in 2018, showed the PM appearing to contradict her £43billion plan to slash taxes, which will increase the national debt. It comes after Chancellor Kwasi Kwarteng announced a giant package of tax cuts in his mini-Budget last month, spooking the financial markets in the process.
As reported by the Mirror, following a run on the pound Kwarteng scrapped the abolition of the top rate of income tax. However, he is pushing ahead with proposed changes to National Insurance and Corporation Tax.
Experts have suggested the tax cuts will put the country’s finances on an unsustainable footing. And speaking in June 2018, the PM sounded the alarm about the problems that would be caused if Britain “let fiscal responsibility slide”.
Ms Truss, who was chief secretary to the Treasury at the time, told a gathering at the London School of Economics the country could “carry out some regulatory and tax reforms – and see an economic boost”.
But she added: “Also let fiscal responsibility slide and allow the deficit to balloon, we’ve been there before… It leads to boom and bust.”
It came as Ms Truss was today told to get a move on as it was revealed she may put off a decision on benefits for weeks. Critics accused the dithering PM of leaving millions of families in a “grim limbo” as they wait to find out if she will snatch hundreds of pounds from those entitled to payments including Universal Credit.
The PM wants to break a promise made by Boris Johnson to put up benefits in line with rising prices next April. A single unemployed adult would lose £185, a single disabled adult would lose
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