Tax cuts for the rich are a good thing, Tory minister tells LBC - as he says the Government is not interested in the 'politics of envy'
Picture: LBC/AlamyLower taxes for the wealthy will encourage investment in the UK, and the Government is not interested in the "politics of envy", a cabinet minister has told LBC.Kwasi Kwarteng's mini-budget on Friday has been criticised as too generous to the rich and to businesses.
"The top 1% of earners are paying 28% of all income tax… the fiscal cost of removing that 45p tax band is only 1/20th of the total. "We're not interested in the politics of envy, we're interested in cutting taxes for everyone, rich and poor, we're interested in encouraging people to be aspirational as much as they possibly can for themselves and for their families."Kwarteng defends controversial tax cuts as some Tories 'deeply uncomfortable' about mini-budget
• Stamp duty: The threshold for paying stamp duty was doubled to £250,000 - and for first time buyers it's been upped to £425,000• National insurance: 1.25 per cent increase scrapped from November 6• Alcohol duty: Planned increase for beer, cider, wine and spirits all cancelled, coming into effect in February 2023Kwasi takes axe to tax: Chancellor slashes £45billion off burden with biggest tax cuts since 1972"We're very, very upbeat about what we can do as a country.
Ms Truss tweeted: "Growth is key to delivering more jobs, higher pay and more money to fund public services, like schools and the NHS.
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