Truss: £30bn Tax Cut Will Make Rich Richer

Shameless PM claims she is happy to be hated

- Ben Glaze

LIZ Truss has admitted that tax cuts make the rich richer as her Government prepares to unveil £30 billion of them — and doesn’t care if it sours her reputation.

Chancellor Kwasi Kwarteng’s expected package of cuts will reverse the 1.25 percentage point National Insurance hike and halt the planned corporation tax rise of 19% to 25%.

The Institute for Fiscal Studies says it will give the poorest 63p a month while the richest will gain £150.

But Ms Truss thinks it will somehow swell Britain’s economic growth to 2.5% a year, up from the current 0.2%.

She said yesterday: “People on higher incomes generally pay more tax so when you reduce taxes there is often a disproportionate benefit because those people are paying more taxes in the first place.

“We should be setting our tax policy on the basis of what is going to help our country become successful, what is going to deliver that economy that benefits everybody in our country.” Of tax cuts, the Prime Minister added to Sky News, in the Empire State Building: “Of course they help people in general.