Truss speech reacts: Tax cuts pledge won’t help the economy grow, says IPPR

Responding to Liz Truss’s first speech as prime minister Dr George Dibb, head of the Centre for Economic Justice at IPPR, said:

“Liz Truss is right to have bold ambitions to grow the economy, but all the signs are that she’s falling back on the failed policies of tax cuts and deregulation.

“Over a decade of cuts to corporation tax have failed on their own promise to boost investment. Any cuts to income tax right now will likely be offset by the Bank of England raising interest rates even further.

“It’s deeply worrying that the new prime minister didn’t mention the climate, nature or our need to reach net zero. To deliver faster, sustainable growth we don’t need to cut taxes and roll back the state; we need a government that recognises the opportunity of net zero and will work with businesses to achieve it.”

ENDS