SLASHING taxes WILL boost Britain’s flagging economy and make Brits richer, Liz Truss has vowed.
And though policies like lifting the cap on bankers’ bonuses might not be “popular”, she is not afraid to make tough decisions to help turbo-charge the economy.
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Just days before Chancellor Kwasi Kwarteng is due to unveil his long-awaited mini-budget, the PM insisted that her Government was focused on “growing the size of the pie”.
And she promised that her plans to cut taxes on Friday will help boost paypackets for Brits up and down the country – and create more jobs too.
Defending her new pro-growth agenda, she insisted: “Lower taxes lead to economic growth, there is no doubt in my mind about that.
“Having the highest taxes in 70 years and putting up corporation tax at a time when we’re trying to attract investment to this country isn’t going to deliver growth.
“We need to be competitive.”
The Chancellor is preparing to reverse the National Insurance rise within weeks and will ditch the planned corporation tax scheduled for next year too.
The new PM refused to deny reports that ministers are preparing to rip up the cap on bankers’ bonuses in a bid to lure more city investment to London.
But she defended moves that might be unpopular – saying it was worth it to grow the economy and create more jobs and wealth.
Mr Kwarteng has ambitious plans for a ‘Big Bang 2.0’ moment to shred regulation and make the capital the financial powerhouse of Europe.
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He will also tear up hated “Solvency 2” rules which prevent money from being reinvested into our manufacturing and other industries to help boost the nation’s growth rate.
She is also eyeing up bringing forward an income tax cut.
The Sun on Sunday revealed that Brits living in certain areas of the country could also see their taxes cut – as a way to boost investment zones.
Ms Truss said as she arrived in New York for her first major international summit as Prime Minister: “What we are absolutely focused on is growing the economy.
“What is important is what makes Britain a more competitive, what is going to drive investment across our country in towns and cities that have been left behind.
“Everything we do will be focused on delivering for people.”
She added: “Ultimately, what I want to see is more jobs, higher wages, and more opportunities.”
But she admitted: “Not every measure will be popular. There are always vested interests, people who oppose measures that increase economic growth.
“But what’s important to me is that people have more opportunities, that there is more investment, that there are jobs with higher wages.
“We are prepared to make that argument. This is about growing the size of the pie.”
