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Gavin Midgley, Senior Teaching Fellow in Accounting, University of Surrey

Cost of living: why Liz Truss' low-tax strategy won't work

One of the first things the new UK prime minister Liz Truss did upon winning the Conservative party leadership race was to reiterate her desire to turn the UK into a low-tax economy.

She outlined her reasoning about the fairness of this position during a recent BBC interview:

The people at the top of the income distribution pay more tax so inevitably when you cut taxes you tend to benefit people who are more likely to pay tax … What I am about is about growing the economy and growing the economy benefits for everybody.

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