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UK PM Liz Truss to cut taxes in the face of economic crisis

UK PM Liz Truss to cut taxes in the face of economic crisis

UK Prime Minister Liz Truss said that tax cuts are key to spurring economic growth despite the concerns about the economic crisis. She stated: "We have to take difficult decisions to get our economy right."

The newly elected leader declared that she is ready to make unpopular decisions like boosting bonuses for wealthy bankers so that the sluggish economy can grow. Two weeks into her tenure as PM, Truss is facing pressure to deliver on her promises to tackle the cost-of-living crisis.

The 47-year-old has already announced a cap on household energy bills. The average cost of heating and electricity will be limited to 2,500 pounds a year. She is also planning to increase corporation tax and has ruled out extending a windfall tax on oil and gas companies.

The UK is looking at a potentially lengthy recession. And critics do not believe that her pro-free market and low-tax economic views are the appropriate response to the crisis. She told British broadcasters that she does not accept this argument that cutting taxes is unfair.

"We should be setting our tax policy on the basis of what is going to help our country become successful and what is going to deliver that economy that benefits everybody in our country," she added.

Truss, who is in New York to attend the UN General Assembly, clarified that the government will lift a cap on bankers' bonuses imposed after the 2008 global financial crisis. She plans on attracting more jobs and money to London's financial district.

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TAGS:UKrecessionLiz TrussUK economy
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