Liz Truss has told US multinational corporations that her plan for imminent tax cuts is “just the start” of a long-term plan to simply Britain’s taxes as she tries to lure investment.
The prime minister told bosses of firms including Google, Microsoft, and JPMorgan Chase that she wants “lower, simpler taxes” to attract businesses to the UK during a speech in New York yesterday.
Ms Truss also said Britain still has a significant number of people who are “economically inactive” following the Covid crisis vowing that her chancellor Kwasi Kwarteng’s mini-Budget would “encourage more people to go into work”.
Confirming the plan to create low-tax investment zones in “left behind” areas, she added: “While this is just the start, our long-term plan is to simplify Britain’s taxes and to make us a better place to invest and be unashamedly pro-business.”
It comes as the Institute for Fiscal Studies (IFS) warned that Ms Truss’s radical plans for huge tax cuts alongside mammoth spending on energy bill caps could put public finances on an unsustainable path”.
The respected think tank calculated that government borrowing would hit £100bn a year more than double the official forecasts last March, warning that public debt was potentially on an “ever-rising path”.
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