United Kingdom Prime Minister Liz Truss has continued defending her government cutting taxes to help incentivize economic growth as a recession looms over Europe.
British Prime Minister Liz Truss delivers remarks following the death of Queen Elizabeth II, England’s longest reigning monarch.United Kingdom Prime Minister Liz Truss defended her policy to"The U.K. has one of the lowest levels of debt in the G7. But we have one of the highest levels of taxes. Currently, we have a 70-year high in our tax rates.
Truss, who became prime minister on Sept. 6, has ushered in a return of former Prime Minister Margaret Thatcher’s policy of supply-side economics, slashing taxes with the goal to boost production. The cuts include halting the plan to raise the corporate tax rate and lifting the cap on bonuses for bank executives.
"And we're also helping ordinary people with their taxes. And that's why I don't feel it's right to have higher national insurance and higher corporation tax because that will make it harder for us to attract the investment we need in the U.K. It will be harder to generate those new jobs." Liz Truss meets supporters at a Conservative Party leadership election hustings in Birmingham, England, on Aug. 23, 2022.
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