Liz Truss doubles down on tax plan that sent UK economy into freefall

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.