Breaking News

Liz Truss defends controversial tax cuts as pound plummets


London
CNN
 — 

Liz Truss has defended her government’s controversial announcement to cut taxes for citizens and businesses in an exclusive interview with CNN’s Jake Tapper.

Truss told Tapper that by cutting taxes, her government was “incentivizing businesses to invest and we’re also helping ordinary people with their taxes.”

While the cuts were expected, critics warn that they will be more beneficial for the wealthy than the majority of British society. Shortly after Truss’s finance minister, Kwasi Kwarteng, announced the cuts on Friday, the pound sank almost 2.6% to its lowest level against the US dollar since 1985.

The UK Treasury said that the cuts, which include slashing the top rate of income tax to 40% from 45%, reductions in duties paid on house purchases, and the cancellation of a planned hike in business taxes, would wipe £45 billion ($50 billion) off government revenues over the next five years.

Pressed on the responsibility of her economic plan, Truss told Tapper: “I don’t really accept the premise of – premise of the question at all. The UK 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.”

Despite the hit to public revenue, Truss confirmed in the interview that her government would still help citizens with energy bills this winter.

“We’ve also put in place a package of measures to support consumers with energy prices, to make sure that nobody is having to pay more than £2,500 on their bills.”

The pledge to help Britons pay their energy bills comes ahead of what is predicted to be a brutal winter. Inflation rose above 10% in July for the first time in 40 years, driven by the rising cost of energy and food. Household energy bills have already risen 54% this year and could go even higher.

Truss has also been criticized for making this pledge while refusing to tax energy companies for their windfall gains. The government will instead rely on borrowing to cover the cost, which the opposition has described as putting the cost on the nation’s credit card.

Leave a Reply

Your email address will not be published. Required fields are marked *

bingo blitz credits generator brawl stars gems generator brawl stars hack free cash app money free cash app money clash of clans gems generator coin master free spins free coin master spins free spins coin master coin master free spins free coin master spins free spins coin master free fire diamond generator free fire hack generator free fire hack facebook account hack hack facebook account facebook account hack free fortnite skins generator free fortnite skins free fortnite skins generator free fortnite skins free amazon gift card generator free cash app money free cash app money free cash app money free cash app money free cash app money free cash app money free discord nitro generator free fire hack generator free fire hack free fire hack generator free fire hack gta 5 money hack how to get free robux free robux free robux generator kim kardashian hollywood hack free onlyfans hack free onlyfans hack free onlyfans hack free psn codes generator free robux free robux generator free robux free robux generator free royal match coins royal match hack steam gift card generator free xbox gift card generator facebook account hack hack facebook account facebook account hack facebook account hack hack facebook account facebook account hack how to get free robux free robux free robux generator free instagram followers generator free google play gift card generator free google play gift card generator playgd mobi add money hack playgd mobi add money online free google play gift card generator playgd mobi add money hack playgd mobi add money online free google play gift card generator free pokemon go spoofer free pokemon go spoofer free pubg mobile uc generator stumble guys gems generator stumble guys hack generator stumble guys hack stumble guys gems generator stumble guys hack generator stumble guys hack stumble guys hack generator stumble guys hack stumble guys hack generator stumble guys hack free tiktok followers free tiktok followers free v bucks free v bucks generator spider man no way home download free xbox gift card generator free xbox gift card generator zefoy.com tik tok zefoy.com source source source bingo blitz credits generator brawl stars gems generator brawl stars hack free cash app money free cash app money clash of clans gems generator coin master free spins free coin master spins free spins coin master coin master free spins free coin master spins free spins coin master free fire diamond generator free fire hack generator free fire hack facebook account hack hack facebook account facebook account hack free fortnite skins generator free fortnite skins free fortnite skins generator free fortnite skins free amazon gift card generator free cash app money free cash app money free cash app money free cash app money free cash app money free cash app money free discord nitro generator free fire hack generator free fire hack free fire hack generator free fire hack gta 5 money hack how to get free robux free robux free robux generator kim kardashian hollywood hack free onlyfans hack free onlyfans hack free onlyfans hack free psn codes generator free robux free robux generator free robux free robux generator free royal match coins royal match hack steam gift card generator free xbox gift card generator facebook account hack hack facebook account facebook account hack facebook account hack hack facebook account facebook account hack how to get free robux free robux free robux generator free instagram followers generator free google play gift card generator free google play gift card generator playgd mobi add money hack playgd mobi add money online free google play gift card generator playgd mobi add money hack playgd mobi add money online free google play gift card generator free pokemon go spoofer free pokemon go spoofer free pubg mobile uc generator stumble guys gems generator stumble guys hack generator stumble guys hack stumble guys gems generator stumble guys hack generator stumble guys hack stumble guys hack generator stumble guys hack stumble guys hack generator stumble guys hack free tiktok followers free tiktok followers free v bucks free v bucks generator spider man no way home download free xbox gift card generator free xbox gift card generator zefoy.com tik tok zefoy.com source source source bingo blitz credits generator brawl stars gems generator brawl stars hack free cash app money free cash app money clash of clans gems generator coin master free spins free coin master spins free spins coin master coin master free spins free coin master spins free spins coin master free fire diamond generator free fire hack generator free fire hack facebook account hack hack facebook account facebook account hack free fortnite skins generator free fortnite skins free fortnite skins generator free fortnite skins free amazon gift card generator free cash app money free cash app money free cash app money free cash app money free cash app money free cash app money free discord nitro generator free fire hack generator free fire hack free fire hack generator free fire hack gta 5 money hack how to get free robux free robux free robux generator kim kardashian hollywood hack free onlyfans hack free onlyfans hack free onlyfans hack free psn codes generator free robux free robux generator free robux free robux generator free royal match coins royal match hack steam gift card generator free xbox gift card generator facebook account hack hack facebook account facebook account hack facebook account hack hack facebook account facebook account hack how to get free robux free robux free robux generator free instagram followers generator free google play gift card generator free google play gift card generator playgd mobi add money hack playgd mobi add money online free google play gift card generator playgd mobi add money hack playgd mobi add money online free google play gift card generator free pokemon go spoofer free pokemon go spoofer free pubg mobile uc generator stumble guys gems generator stumble guys hack generator stumble guys hack stumble guys gems generator stumble guys hack generator stumble guys hack stumble guys hack generator stumble guys hack stumble guys hack generator stumble guys hack free tiktok followers free tiktok followers free v bucks free v bucks generator spider man no way home download free xbox gift card generator free xbox gift card generator zefoy.com tik tok zefoy.com source source source bingo blitz credits generator brawl stars gems generator brawl stars hack free cash app money free cash app money clash of clans gems generator coin master free spins free coin master spins free spins coin master coin master free spins free coin master spins free spins coin master free fire diamond generator free fire hack generator free fire hack facebook account hack hack facebook account facebook account hack free fortnite skins generator free fortnite skins free fortnite skins generator free fortnite skins free amazon gift card generator free cash app money free cash app money free cash app money free cash app money free cash app money free cash app money free discord nitro generator free fire hack generator free fire hack free fire hack generator free fire hack gta 5 money hack how to get free robux free robux free robux generator kim kardashian hollywood hack free onlyfans hack free onlyfans hack free onlyfans hack free psn codes generator free robux free robux generator free robux free robux generator free royal match coins royal match hack steam gift card generator free xbox gift card generator facebook account hack hack facebook account facebook account hack facebook account hack hack facebook account facebook account hack how to get free robux free robux free robux generator free instagram followers generator free google play gift card generator free google play gift card generator playgd mobi add money hack playgd mobi add money online free google play gift card generator playgd mobi add money hack playgd mobi add money online free google play gift card generator free pokemon go spoofer free pokemon go spoofer free pubg mobile uc generator stumble guys gems generator stumble guys hack generator stumble guys hack stumble guys gems generator stumble guys hack generator stumble guys hack stumble guys hack generator stumble guys hack stumble guys hack generator stumble guys hack free tiktok followers free tiktok followers free v bucks free v bucks generator spider man no way home download free xbox gift card generator free xbox gift card generator zefoy.com tik tok zefoy.com source source source