Liz Truss claims that she is cutting taxes in today’s mini-budget because it will boost economic growth. It’s nonsense, fairytale economics.
These tax cuts will only lead to the rich getting richer and the rest of us getting poorer, creating a more unequal society as well as a less healthy and productive workforce.
Across the world we can see countries with higher taxes on the rich that are more prosperous than ours. Sweden’s top tax rate is 57% (ours is 45%) yet the country produces 17% more per person than we do. If we really want to see our economy grow, we need to get cash in families’ pockets and invest in people and places.
