Business

Liz Truss vows to take ‘guaranteed benefits’ and boost UK economic growth

Liz Truss has given her strongest signal yet that she will drop the cap on bankers’ bonuses, saying she is ready to accept “interest delivered” in the pursuit of growth. higher economy.

The British Prime Minister said on Tuesday that she and her prime minister, Kwasi Kwartengprepared to argue for controversial policies because “this is about increasing the size of the pie”.

Kwarteng will be on Friday provide a small budget tax cut focuses on policies that he claims will boost UK growth to pre-financial crash levels of 2.5% a year.

Truss declined to discuss plans to end the EU cap on bankers’ bonuses – which are capped at twice-annual salaries – but her allies confirmed Financial Times report last week that an announcement is imminent.

Speaking later on Tuesday, Truss confirmed that Friday’s financial event will reverse increase national insurance and the corporate tax increase plan announced by former prime minister Rishi Sunak.

She told the BBC: “I will always work to make sure we are helping those who are in need. . . that’s why we’re taking action on National Insurance, reversing that increase. “

“We have to look at all the tariffs. So corporate taxes need to be competitive with other countries so we can attract that investment.”

However, Truss admits that her tax cut plan will initially benefit the rich more than the rest of society.

“I don’t accept this argument that the tax cut is somehow unfair,” she told Sky News. “What we do know is that people with higher incomes generally pay more in taxes, so when you get a tax break there’s often a disproportionate benefit because those people pay more in the first place.”

When asked if she was ready to become unpopular, Shoes say yes. Yes I.”

She added: “It is important to me that we grow the UK economy because that is what will ultimately lead to higher wages, more investment in towns and cities around the country. That’s what will ultimately put more money in people’s pockets.

Labor strategists can barely believe the new government is considering lifting bankers’ pay restrictions as one of its first economic actions. But they are aware that Truss will seek to label the opposition party as “anti-growth”.

Kwarteng will also provide more details on Friday how the government’s plan to cap the average annual household energy bill at £2,500 will be funded. Business secretary Jacob Rees-Mogg is expected to provide more insight into a similar scheme for companies on Wednesday.

Truss said that while the government will protect people and businesses from skyrocketing energy prices, the West faces difficult choices because “we cannot jeopardize our security just yet.” for cheap energy”.

Speaking to journalists ahead of her first foreign trip as prime minister, Ms. Truss added: “The Western world has become too dependent on authoritarian regimes, not just for our energy supply but also for other important minerals and other commodities.”

She said breaking Britain’s dependence on dictatorships was “a price worth paying because our long-term security is paramount”.

Truss announced the government’s decision to limit bills that would cut inflation to 5 percentage points, adding: “Of course, economic growth will be higher than normal if we don’t act. because it would have a weakening effect on the economy.”

Truss was forced to suspend politics for 10 days of national mourning following the death of Queen Elizabeth.

She praised the civil servants, royal household and armed forces who oversaw the widely praised ceremonial events that marked “this very important moment in our nation’s history”.

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