For the ringside observers the fall of Mary Elizabeth Truss was dramatic and too soon. For financial experts and economic gurus it was seen coming and with speed. It all had to do with her tax reforms. What had hitherto prevailed was to tax corporations and companies heavily. The generality of people would clap for […]
For the ringside observers the fall of Mary Elizabeth Truss was dramatic and too soon. For financial experts and economic gurus it was seen coming and with speed. It all had to do with her tax reforms. What had hitherto prevailed was to tax corporations and companies heavily. The generality of people would clap for…For the ringside observers the fall of Mary Elizabeth Truss was dramatic and too soon. For financial experts and economic gurus it was seen coming and with speed.
During the Summer 2022 campaign for the most coveted office of the UK Prime Ministership, Liz Truss described herself and her policies as ‘disruptive’; she was going to challenge the ‘old’ order and ‘institutional group think’ whom she believed had held the United Kingdom’s economy back. The Mini-Budget was thought generous to the people but gravely harmful for the markets. Liz Truss boldly cancelled increases to National Insurance and Corporation Tax, she cut Income Tax and removed restrictions to contract workers Tax. These caused vicious spikes in the market until The Bank of England was forced to step in.
The reversed policies included tax cuts for the wealthy and corporations. Also affected was the tax waiver for overseas shoppers. Her policy was that tourists and overseas shoppers would make purchases free as a way boosting sales and by extension promote production reckoning that with higher sales, the more money there would be to buy more goods. Members of Fuel Poverty Action took to the streets in protest march pressing for affordable energy for Britons.
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