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by JohnCClarke
1353 days ago
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Truss is borrowing £45B to pay for tax cuts this year. But like you ask any addict: "What are you going to do next year?" The trickle-down maths looks "optimistic". Cutting £45B means that the economy needs to grow by £112.5B for the top rate 40% tax rate take to come out even. That is GDP growth of 4.5%. I.e. far in excess of what the economy has been capable of ever since 1997. Talking of further tax cuts just pushes the assumed GDP growth further into fantasy land. |
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