Discover and read the best of Twitter Threads about #TrickleDownTruss

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Really staggering 🇬🇧mini-budget just announced here in London. Ain’t nothing mini about it.

Record-setting borrowing *and* tax cuts. £100 billion price tag. No-tax & spend. Trickle down economics on steroids. Throws fiscal sustainability out the window.

A huge political gamble
The £45 billion in tax cuts just announced, mostly given to the wealthy & businesses, is biggest tax cut since 1972, when Chancellor Barber had his "dash for growth". It's 2% of GDP.

That ended in disaster. It's generally regarded as the most damaging UK budget in modern history
The #Truss & #Kwarteng trickle-down economics policy changes include:

🧐Highest income tax rate (45% for ⬆️150K) abolished
🍾Scrapping cap on bankers bonuses
🏨Scrapping planned increase in corporation tax
🏘️Cutting stamp duty
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