Truss in no doubt that lower taxes will lead to economic growth

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Ms Truss suggested she could go further in the future to make sure Britain is “competitive.” She said: “The number one thing we need to deliver as a government, and in fact as a country, is economic growth. 

“Since the financial crisis we have seen relatively low levels of economic growth and without economic growth we cannot deliver better lives for people, whether it’s higher wages or money able to go into public services like the NHS or the education service.

“Lower taxes lead to economic growth, there is no doubt in my mind about that.

“Now, there are of course other measures that we have to take to spur economic growth as well. 

“During the campaign, I talked about moving faster in getting growth projects going, mobile broadband fixing, the arteries of the economy – we need to do that too.

“But having the highest taxes in 70 years and putting up corporation tax at a time when we’re trying to attract investment to this country isn’t going to deliver growth. We need to be competitive.”

Ms Truss said she would not preempt the Chancellor’s statement but insisted the government is “absolutely focused” on boosting the economy.

“That’s what’s important,” she said. “What is important is what makes Britain more competitive. 

“What is going to drive investment across our country what is going to bring more investment in towns and cities that have been left behind and that we have committed to levelling up.”

“Everything we do will be focused on delivering for people because ultimately what I want to see is more jobs, higher wages and more opportunities.”

The Chancellor is considering lifting an EU-imposed cap on bankers’ bonuses to help make the City more competitive internationally.

Ms Truss dismissed suggestion the government was choosing bankers over workers.

“We are on the side of delivering a higher wage economy,” she said. “That’s what we need to do.”

“We’ll take every measurement… not every measure will be popular. And there are always vested interests, people who oppose measures that increase economic growth.”

“But what is important to me, what is important to the Chancellor, is that people have more opportunities, there is more investment, there are jobs with higher wages. And we are prepared to make that argument. This is about growing the size of the pie.”

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