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StoneRoad2013

StoneRoad2013 club

Posted: 24 Sep 2022

Taken: 24 Sep 2022

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Truss •
budget •
Cost of Living Crisis •
tax cuts •

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CoLC - largest tax cuts for the rich {Sept 2022}

CoLC - largest tax cuts for the rich {Sept 2022}
Liz Truss' chancellor Kwarteng has made the largest tax cuts since Barber's tax cuts for the rich in 1972 - which within a year or two resulted in stupidly high inflation & bank base rates both hitting record levels.
Oi - Truss ! That there budget ain't going to stimulate anything other than inflation.
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 StoneRoad2013
StoneRoad2013 club
Whilst I agree that tax cuts can stimulate an economic recovery, they can also be highly inflationary if not carefully targeted. KK's cuts in September 2022 were largely giveaways to the already very rich and the resulting lack of confidence caused an excessive run on the £ Sterling rather than stimulating investment.

e2a - this startingly ill-conceived budget was the downfall of the truss administration after only 50 days, making her the shortest serving PM in British history.
10 months ago. Edited 6 weeks ago.

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