‘No way’ Truss’s policies are trickle down economics, says minister
The Guardian says One of Liz Truss’s ministers has said her government’s approach can in “no way” be described as “trickle down economics”, despite the prime minister urging world leaders to join the UK in introducing far-reaching tax cuts.
Gillian Keegan, a Foreign Office minister, said the £100bn-plus package of support for households and businesses on energy bills showed that this was not the government’s philosophy.
Her comments come after Joe Biden, the US president, poured scorn on trickle down economics – the idea that cutting taxes for the rich and businesses to encourage growth would ultimately trickle down to benefit the whole population through jobs and investment.