Reports that stamp duty will be cut as PM uses speech to UN to argue for far-reaching tax reductions, putting her at odds with Joe Biden
Liz Truss is to urge world leaders to join Britain in introducing far-reaching tax cuts despite US presidentIn a speech to theon Wednesday, the prime minister will argue the free world must prioritise economic growth to deny authoritarian states like Russia the chance to manipulate the global economy.
In an interview at the top of the Empire State Building on Tuesday, she told the BBC: “We do have to take difficult decisions to get our economy right. We have to look at our tax rates. So corporation tax needs to be competitive with other countries so that we can attract that investment.” In a move likely to disappoint Brexiters, Truss downplayed expectations that any trade agreement was imminent, saying: “There aren’t currently any negotiations taking place with the US and I don’t have any expectation that those are going to start in the short to medium term.”
Biden, meanwhile, tweeted: “I am sick and tired of trickle-down economics. It has never worked. We’re building an economy from the bottom up and middle out.” “I don’t accept this argument that cutting taxes is somehow unfair,” she told Sky News. “What we know is 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.
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