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British Prime Minister Liz Truss unveiled a massive spending plan on Friday, September 23: 45 billion pounds of unfunded tax cuts, which mainly benefit the wealthiest. Concern is mounting in the country.
The top income tax bracket disappears for Britons earning more than 170,000 euros a year, as does the tax on the most expensive property transactions. Liz Truss, British Prime Minister, does not hesitate to deprive herself of 50 billion euros in tax revenue, to favor the wealthiest. “The rich will benefit from it, but it will not help normal people”, says a woman. The British government is also targeting low incomes, with a tariff shield on energy bills that will concern individuals and businesses throughout the winter.
In total, the United Kingdom will have to borrow more than 120 billion euros, enough to worry the financial markets. The pound sterling reached its lowest value in history against the US dollar on Monday, September 26. “The government has lost control of the economy. And all this for what? To lower taxes for the richest”believes Keir Starmer, the leader of the Labor opposition in the United Kingdom.
Liz Truss assumes that she wants to stimulate the economy through these tax cuts, in order to generate growth. However, it leaves many experts wary. “Liz Truss is struggling to convince even within her party. Some Conservative MPs are talking about withdrawing their confidence in her”says journalist Ambroise Bouleis, from France Télévisions London.