London Daily

Focus on the big picture.
Sunday, Nov 23, 2025

Truss admits her tax cuts will disproportionately benefit the rich - and says she's prepared to be an unpopular PM to boost economy

Truss admits her tax cuts will disproportionately benefit the rich - and says she's prepared to be an unpopular PM to boost economy

The prime minister spoke to Sky News ahead of her chancellor announcing new tax policies on Friday. Taking a bullish stance, she insisted she would push ahead whatever the consequences.

Liz Truss has said she is prepared to be unpopular with her tax policy as she believes it will ultimately benefit the British economy.

Talking to Sky News' political editor Beth Rigby in New York, the prime minister defended any tax changes her government will make at the end of the week and said she will do what she has to do to get the economy growing again.

She also dismissed concerns around government plans to borrow more instead of taxing energy companies' profits (a windfall tax) and said she does not accept cutting taxes is unfair.

Asked if she was prepared to be unpopular with her policies, Ms Truss said: "Yes, yes I am.

"What is important to me is that we grow the British economy, because that is what will ultimately deliver higher wages, more investment in towns and cities across the country, that is what will ultimately deliver more money into people's pockets, and it will also enable us to fund the services like the National Health Service.

"And in order to get that economic growth, Britain has to be competitive."

She said putting up taxes, placing "arbitrary taxes" on energy companies or having high corporation tax would result in a lack of investment and growth which she said "will ultimately damage opportunities in this country".

Ms Truss defended reports that Chancellor Kwasi Kwarteng will scrap caps on bankers' bonuses during a mini budget announcement on Friday as she blamed the UK's "relatively low growth" on a lack of capital investment.

"We haven't had enough capital investment and yet we have one of the world's best financial services centres," she said.

"So what I want to see is that money in the City of London put to good use across our country - and yes, I'm prepared to do what it takes to get that money flowing."

Liz Truss spoke to Beth Rigby at the Empire State Building before meeting world leaders at the UN General Assembly


As she further laid the path for the bankers' bonus announcement and tax-cutting, the PM admitted her tax cuts would disproportionately benefit the rich.

"I don't accept this argument that cutting taxes is somehow unfair," she said.

"I mean, what we know is that people on higher incomes generally pay more tax.

"So when you reduce taxes, there is often a disproportionate benefit because those people are paying more taxes in the first place.

"We should be setting our tax policy on the basis of what is going to make our country most successful, what is going to deliver that economy that benefits everyone in this country."

While the prime minister remained bullish about her tax policies, she did admit it will be a "tough winter".

But she added: "I'm determined my government takes every step and strains every sinew to get the economy going, to make sure we have a successful economy and as a country we can weather this storm.

"We will get through it."

Earlier in the day, the PM promised the UK would not bring in energy rationing this winter as some countries, such as Germany, have done.

She said the UK - and the West - "cannot jeopardise our security for the sake of cheap energy" as she pushed for other countries to commit to continue supporting Ukraine after announcing the UK will match the more than £2.3bn military aid it provided this year.

Newsletter

Related Articles

0:00
0:00
Close
Johnson Blasts ‘Incoherent’ Covid Inquiry Findings Amid Report’s Harsh Critique of His Government
Lord Rothermere Secures £500 Million Deal to Acquire Telegraph Titles
Maduro Tightens Security Measures as U.S. Strike Threat Intensifies
U.S. Envoys Deliver Ultimatum to Ukraine: Sign Peace Deal by Thursday or Risk Losing American Support
Zelenskyy Signals Progress Toward Ending the War: ‘One of the Hardest Moments in History’ (end of his business model?)
U.S. Issues Alert Declaring Venezuelan Airspace a Hazard Due to Escalating Security Conditions
The U.S. State Department Announces That Mass Migration Constitutes an Existential Threat to Western Civilization and Undermines the Stability of Key American Allies
Students Challenge AI-Driven Teaching at University of Staffordshire
Pikeville Medical Center Partners with UK’s Golisano Children’s Network to Expand Pediatric Care
Germany, France and UK Confirm Full Support for Ukraine in US-Backed Security Plan
UK Low-Traffic Neighbourhoods Face Rising Backlash as Pandemic Schemes Unravel
UK Records Coldest Night of Autumn as Sub-Zero Conditions Sweep the Country
UK at Risk of Losing International Doctors as Workforce Exodus Grows, Regulator Warns
ASU Launches ASU London, Extending Its Innovation Brand to the UK Education Market
UK Prime Minister Keir Starmer to Visit China in January as Diplomatic Reset Accelerates
Google Launches Voluntary Buyouts for UK Staff Amid AI-Driven Company Realignment
UK braces for freezing snap as snow and ice warnings escalate
Majority of UK Novelists Fear AI Could Displace Their Work, Cambridge Study Finds
UK's Carrier Strike Group Achieves Full Operational Capability During NATO Drill in Mediterranean
Trump and Mamdani to Meet at the White House: “The Communist Asked”
Nvidia Again Beats Forecasts, Shares Jump in After-Hours Trading
Wintry Conditions Persist Along UK Coasts After Up to Seven Centimetres of Snow
UK Inflation Eases to 3.6 % in October, Opening Door for Rate Cut
UK Accelerates Munitions Factory Build-Out to Reinforce Warfighting Readiness
UK Consumer Optimism Plunges Ahead of November Budget
A Decade of Innovation Stagnation at Apple: The Cook Era Critique
Caribbean Reparations Commission Seeks ‘Mutually Beneficial’ Justice from UK
EU Insists UK Must Contribute Financially for Access to Electricity Market and Broader Ties
UK to Outlaw Live-Event Ticket Resales Above Face Value
President Donald Trump Hosts Saudi Crown Prince Mohammed bin Salman at White House to Seal Major Defence and Investment Deals
German Entertainment Icons Alice and Ellen Kessler Die Together at Age 89
UK Unveils Sweeping Asylum Reforms with 20-Year Settlement Wait and Conditional Status
UK Orders Twitter Hacker to Repay £4.1 Million Following 2020 High-Profile Breach
Popeyes UK Eyes Century Mark as Fried-Chicken Chain Accelerates Roll-out
Two-thirds of UK nurses report working while unwell amid staffing crisis
Britain to Reform Human-Rights Laws in Sweeping Asylum Policy Overhaul
Nearly Half of Job Losses Under Labour Government Affect UK Youth
UK Chancellor Reeves Eyes High-Value Home Levy in Budget to Raise Tens of Billions
UK Urges Poland to Choose Swedish Submarines in Multi-Billion € Defence Bid
US Border Czar Tom Homan Declares UK No Longer a ‘Friend’ Amid Intelligence Rift
UK Announces Reversal of Income Tax Hike Plans Ahead of Budget
Starmer Faces Mounting Turmoil as Leaked Briefings Ignite Leadership Plot Rumours
UK Commentator Sami Hamdi Returns Home After US Visa Revocation and Detention
UK Eyes Denmark-Style Asylum Rules in Major Migration Shift
UK Signals Intelligence Freeze Amid US Maritime Drug-Strike Campaign
TikTok Awards UK & Ireland 2025 Celebrates Top Creators Including Max Klymenko as Creator of the Year
UK Growth Nearly Stalls at 0.1% in Q3 as Cyberattack Halts Car Production
Apple Denied Permission to Appeal UK App Store Ruling, Faces Over £1bn Liability
UK Chooses Wylfa for First Small Modular Reactors, Drawing Sharp U.S. Objection
Starmer Faces Growing Labour Backlash as Briefing Sparks Authority Crisis
×