LIZ Truss today vowed to review Britain’s taxes in a major shake-up.
The new PM suggested she would embark on a tax revolution to rip up decades of sky-high rates to help struggling businesses and firms.
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She told the BBC: “We have to look at our tax rates. So corporation tax needs to be competitive with other countries so that we can attract that investment.”
Her words open the door to a major shift in tax policy – such as reviewing income tax brackets, cutting it, or ditching some levies completely.
A source told The Sun the PM’s quest for growth would trigger a “seismic shift” in policy not seen since the Thatcher years.
The PM is already eyeing up slashing income tax down to 19p – as The Sun revealed at the weekend.
The PM is looking at whether to bring forward the move, which had been planned for 2024, as she kicks off her premiership in earnest.
Chancellor Kwasi Kwarteng will lay out his first mini-Budget on Friday.
Ms Truss confirmed it would include reversing the National Insurance tax rises.
And it would ditch plans to hike up corporation tax next year, too.
Ms Truss also said today on her first overseas trip since becoming PM:
- She was prepared to be “unpopular” with her plans – but insisted it was the right thing to do to grow the economy
- A trade deal with the US was still years away as Joe Biden
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Mr Kwarteng, who also plans to lift the cap on bankers’ bonuses to boost the City of London, may have to bend fiscal rules which commit ministers to get debt falling.
The new Chancellor is preparing to shred masses of EU red tape strangling City firms – but could ask them to invest in social care in return.
