The Government is not concerned about the “politics of envy”, a Treasury minister said as its raft of tax cuts came under fire for disproportionately benefiting the rich.
Labour accused Prime Minister Liz Truss and Chancellor Kwasi Kwarteng of gambling with people’s finances in “casino economics” and said their “trickle-down” approach will leave the next generation worse off, PA reports.
Using more than £70 billion of increased borrowing, Mr Kwarteng on Friday unveiled the biggest programme of tax cuts for 50 years, including abolishing the top rate of income tax for the highest earners. READ MORE: Tax change calculator: See how your wage will be affected by the mini-budget The Resolution Foundation think tank said Mr Kwarteng’s package will do nothing to stop more than two million people falling below the poverty line.
Analysis of the mini-budget by Resolution Foundation said “only the very richest households in Britain” will see their incomes grow as a result of the tax cuts.