Liz Truss set out her plan for tax cuts last night.
Liz Truss
US President Joe Biden appeared to take a veiled swipe at Liz Truss’s policy agenda today declaring he was “sick and tired of trickle-down economics”. The occupant of the White House made the remarks just 24 hours before having a sit-down meeting with the UK Prime Minister in New York.
Flying to the US last night, Ms Truss refused to deny that her Chancellor will scrap the cap on bankers’ bonuses when he delivers a mini-budget on Friday.
Ministers are understood to be keen to get rid of the cap to help encourage businesses to set up in Britain.
The cap, introduced by European Union legislation in the wake of the 2008 financial crisis, limits annual payouts to twice a banker’s salary.
They believe the policy will help boost economic growth and therefore help improve the living standards for the country as a whole.