Liz Truss to urge world leaders to follow UK’s ‘trickle down’ economics plan

Liz Truss is expected to urge world leaders to join the UK with its far-reaching tax cuts in a speech to the United Nations today.

According to the Guardian, the prime minister will argue that the free world must prioritise economic growth to deny authoritarian states like Russia the chance to manipulate the global economy.

Truss vowed this week to review all tax rates to help households and businesses through the cost of living crisis, insisting that adopting a ‘trickle down’ economic approach – a method that supposedly sees tax cuts for corporations and the wealthy eventually trickle down to everyone else – is the fastest means of growing the economy. 

Truss did admit that her tax-cutting plans will initially benefit the rich more than the rest of society, but doubled down on reversing a recent rise in national insurance that would have benefited top earners by about £1,800 a year.

In an interview in New York – where she is attending the UN General Assembly – yesterday, she told the BBC: “We do have to take difficult decisions to get our economy right. We have to look at our tax rates.

“So corporation tax needs to be competitive with other countries so that we can attract that investment.”

Truss, who is proposing to scrap the cap on bankers’ bonuses, also told Sky News that she was prepared to be an unpopular prime minister to bring in measures she believes will grow the economy.

When asked if she was prepared to be unpopular, she responded: “Yes, yes I am. What is important to me is that we grow the British economy.”

However, Truss’s economic approach hasn’t been welcomed by everyone, with US President Joe Biden saying he is ‘sick and tired’ of trickle down economics, claiming that it ‘has never worked’. 

In a tweet seemingly aimed at Truss, Biden wrote: “I am sick and tired of trickle-down economics. It has never worked. We’re building an economy from the bottom up and middle out.”

Regardless of Biden’s opposition, however, Truss is still expected to defend her economic approach in her keynote address to the UN today, telling fellow world leaders: “We want people to keep more of the money they earn, because we believe that freedom trumps instruction. We are reforming our economy to get Britain moving forward once again.

“The free world needs this economic strength and resilience to push back against authoritarian aggression and win this new era of strategic competition. We will no longer be strategically dependent on those who seek to weaponise the global economy.”