Liz Truss hints at sweeping tax cuts as she defends economic ‘freedom’

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However, that put her on a collision course with Joe Biden, the US President, with whom she will hold her first official meeting on Wednesday.

He tweeted: “I’m sick of the economic fallout. It never worked. We’re building an economy from the bottom up and the middle out.

On Tuesday, Ms Truss confirmed that she planned to scrap the NI hike and proposed corporation tax increases, telling the BBC: ‘I will always work to make sure we help those who are struggling.

“That’s why we acted on energy bills, because we didn’t want to see households facing unaffordable bills. And that is why we are going to take action on national insurance, canceling this increase as well.

“So, yes, we have to make tough decisions to get our economy back on track. We need to look at our tax rates. Corporate tax must therefore be competitive with other countries so that we can attract this investment.

Speaking to reporters on the plane to New York on Monday evening, Ms Truss said: “Lower taxes lead to economic growth; there is no doubt in my mind.

“Having the highest taxes in 70 years and raising corporate taxes at a time when we are trying to attract investment to this country is not going to generate growth. We have to be competitive. »

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