U.K. PM Truss pledges Wednesday to ride out the turmoil unleashed by her tax-cutting economic agenda, saying the “disruption” will pay off in a wealthier, more efficient Britain. But many in her party are not so sure.
activists who unfurled a banner in the hall reading “Who voted for this?” — and were escorted out of the hall to boos from the audience.Oli Scarff / AFP - Getty Images
Under political and financial pressure, the government on Monday scrapped the most unpopular part of its budget package: a tax cut on earnings above £150,000 a year. That will save about £2 billion, a small share of the government’s £45 billion tax-cutting plan. Most economists say deep public spending cuts will be needed to pay for the rest.
Truss argues that her policies will bring economic growth, higher wages and eventually more tax revenue for the government to spend. Critics say the plans do little to help millions of people who are struggling right now with a cost-of-living crisis fueled by soaring energy prices. “There will be a national uprising if this goes ahead, because it is nothing to do with making the growth policies of the government work, it is simply making the poor pay the price,” he told the BBC.In her speech, Truss depicted Britain’s economic challenges as part of the global crisis unleashed by Russia’s invasion of Ukraine, as she vowed to “stand by our Ukrainian friends, however long it takes.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Weakened Truss says disruption will be worth it to spur UK growthBritish Prime Minister Liz Truss will argue on Wednesday that disruption sparked by her economic plans will be worth it in the long run, using her first speech to the party faithful as Conservative leader to try to restore her dwindling authority.
Read more »
U.K. Leader Liz Truss Faces Political Backlash After Sparking Market TurmoilLess than a month into her tenure as U.K. prime minister, Liz Truss is seeing her political authority rapidly erode as her experiment in British Reaganomics spins out of her control
Read more »
UK's Liz Truss Pledges Tax-Cutting Future in Landmark Speech Plagued by Protest and Political InfightingBritish Prime Minister Liz Truss on Wednesday that cutting taxes was “the right thing to do morally and economically,” doubling down on a series of debt-funded economic reforms that have sparked in-party fighting and market turmoil.
Read more »
The Liz Truss Era Begins With a Bungled Tax Plan That May Cost UK ConservativesThe prime minister abandoned her plan to cut taxes for high earners, but the economic and political fallout from her vision appears to be opening a door for the Labour Party to make inroads with voters.
Read more »
Trump crowns King Charles III and Liz Truss with positive reviewsFormer President Donald Trump showered King Charles III and British Prime Minister Liz Truss with high praise.
Read more »