Prime Minister Liz Truss has defended her Government's controversial tax cuts as she vowed to 'usher in a decade of dynamism'. Truss has come under fire from Labour who accused the Prime Minister and Chancellor Kwasi Kwarteng of gambling with people’s finances in 'casino economics', and claimed their 'trickle-down' approach will leave the next generation worse off.
But Ms Truss insisted she is 'unapologetic' in 'focusing relentlessly on economic growth', even as the £45 billion tax-slashing package sent the pound tumbling to fresh 37-year lows and sparked a backlash among some of her own MPs. Using more than £70 billion of increased borrowing, Mr Kwarteng on Friday unveiled the biggest programme of tax cuts for 50 years, including abolishing the top rate of income tax for the highest earners.
The Resolution Foundation said Mr Kwarteng’s package will do nothing to stop more than two million people falling below the poverty line. Analysis of the mini-budget by the think tank said 'only the very richest households in Britain' will see their incomes grow as a result of the tax cuts.
