Liz Truss ‘robbing the poor’ in tax-cutting price range for rich funded by huge borrowing

Liz Truss and Kwasi Kwarteng have gambled the nation within the on line casino with enormous tax cuts for the rich and massive companies funded by huge borrowing, Labour has claimed.

Shadow chancellor Rachel Reeves mentioned that when Britain faces a cost-of-living disaster, hovering inflation and climbing rates of interest the Prime Minister and Chancellor had been like “two determined gamblers in a on line casino chasing a shedding run”.

You are reading: Liz Truss ‘robbing the poor’ in tax-cutting price range for rich funded by huge borrowing

Opposition events had been left staggered by Kwarteng’s announcement of multi-billion tax cuts for the wealthy and massive corporations in an emergency mini-budget.

Reeves mentioned: “The argument peddled by the Chancellor in the present day isn’t a fantastic new concept or a recreation changer us a lot as they want us to suppose so.

“What this plan provides as much as is to maintain company tax the place it’s in the present day, and take nationwide insurance coverage contributions again to the place they had been in March. Some new plan.

“It’s all based mostly on an outdated ideology that claims if we merely reward those that are already rich, the entire of society will profit. They’ve determined to interchange levelling up with trickle down.”

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The SNP mentioned the Tory authorities is “robbing the poor to pay the wealthy” after the Chancellor after the Chancellor introduced abnormal taxpayers will foot the invoice for the vitality firm bail out and multi-billion pound tax breaks for giant enterprise and excessive earners.

Within the Commons the SNP’s Alison Thewliss MP mentioned the measures introduced “don’t go wherever close to far sufficient” to assist low and center revenue households and small companies.

Thewliss mentioned: “It’s shameful that the Tory authorities is rising vitality costs once more to £2,500 as a substitute of introducing an actual freeze on payments.

“Many households might be paying double what they paid final yr. Worse nonetheless, the Tories are robbing the poor to pay the wealthy by forcing taxpayers to foot the invoice for this vitality firm bail out – and for the multi-billion pound tax breaks they’re giving to massive enterprise and excessive earners.”

The SNP Treasury spokeswoman added: “The Tory Chancellor is a reverse Robin Hood – taking billions of kilos away from abnormal households, small companies and our NHS, and handing it over to the richest individuals and largest companies within the UK.

“After a decade of Tory cuts and Brexit harm, the UK already had the worst poverty and inequality in north west Europe – earlier than vitality payments started to rise. Now tens of millions of households might be pushed additional into hardship and saddled with billions in public debt.”

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The pound dropped to a recent 37-year-low towards the greenback because the Chancellor unveiled his “progress plan” for the UK financial system.

Sterling declined by 0.89% to 1.115 US {dollars}, that means it has shed 17% towards the US forex to date this yr.

It comes after Financial institution of England launched one other 0.5 proportion level rate of interest hike to 2.25% on Thursday and warned the UK might already be in a recession.

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