Liz Truss tonight defended giving 2,500 millionaires a £1billion bung in tax cuts.
On the eve of the Tory Party conference in Birmingham, the Prime Minister said: “We believe in making it easier for our wealth creators, doers and makers to get things done.
“Britain’s economy needs a reset. We cannot continue on the current trajectory of managed decline. We must take a new direction.”
Chancellor Kwasi Kwarteng sent the pound plunging and markets into turmoil by scrapping the 45p top rate of tax in his mini-budget.
Half the £2billion cost will go to just 2,500 fatcats earning more than £3.5million each, handing them a windfall of at least £175,000 each.
And today Levelling Up Secretary Simon Clarke warned ordinary Brits they were in for new austerity.
He told The Times: “Western Europe is living in a fool’s paradise whereby we can be ever less productive, and yet still enjoy a very large welfare state.”
Meanwhile, the PM’s approval rating has plummeted with more than half of the public – 55% – disapproving of the job she is doing, against just 18% who approve, according to latest research by pollster Opinium.