Ex-Cabinet Minister Jacob Rees-Mogg thinks Liz Truss should not have backtracked on mini-bidget

According to Jacob Rees-Mogg, former Prime Minister Liz Truss should have cut public expenditure rather than overturned tax cuts for the wealthy. He said that Liz Truss and then-Chancellor Kwasi Kwarteng's proposal to repeal the 45p top tax rate on the most affluent incomes was the "tiniest element" of the October mini-budget.

A succession of hurried tax cuts for businesses and the rich and a massive energy package frightened the markets, causing interest and mortgage rates to skyrocket, costing taxpayers billions.

Jacob Rees-Mogg chats with ConservativeHome podcast host.


Talking to ConservativeHome podcast host, Jacob Rees-Mogg said that after the decision to cut taxes on the affluent, it was vital to move forward to the next stage: the budget cutbacks that were going to happen.



Jacob Rees-Mogg believed reducing the cut - overturning the 45p decision - didn't need to happen as there was no effect on the markets or the fiscal deficit. It was a little rounding mistake in the government's books, showing its lack of resolve.

Jacob Rees-Mogg claimed the ousted ex-PM should have continued with supply-side reforms, including reducing corporate rules. Savings of X billion pounds should have been indicated, which would have comforted the market. Referring to the 91,000 drops in government personnel, he said some cuts were pretty straightforward.

FAQs:

1. Why did Liz Truss resign?
   Liz Truss resigned after only 44 days in power due to her mini-budget debacle, making her the shortest-serving prime minister in British history.
2. What did Jacob Rees-Mogg say about tax breaks?
   He advocated for the abolition of tax breaks, including tax breaks for working from home.