'When Liz Truss wants you to think she’s given you personal help, she hasn't': Shelagh Fogarty blasts PM economic plans
13 October 2022, 15:45
Shelagh Fogarty slams Liz Truss' claims of helping the public
In a frank monologue, Shelagh Fogarty breaks down "what's really happening" behind the Prime Minister's economic policies that taxpayers will "pay for down the line".
Shelagh played a speech by the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, in which she appealed to policy-makers to "act now to put in place responsible fiscal policy. We must prioritise protecting the vulnerable".
After listening to the speech, Shelagh remarked that it “felt like a message to the UK".
“£18 billion will be raised by this corporation tax rise going ahead, the one from 19% to 25% next year. That will raise £18 billion."
This comes after claims that Liz Truss is considering raising corporation tax after backlash from Tory backbenches who are pressuring the Prime Minister to review the mini-Budget.
Truss previously promised to scrap Rishi Sunak’s planned corporation tax rise from 19% to 25% during her leadership campaign.
Shelagh continued: “Had the government chosen to include a windfall tax on oil and gas producing companies as part of funding the energy bill bailout, that would’ve raised around £14 billion.
“So that would be over £30 billion in our coffers that would be there not by borrowing and it looked as though that instead of that, Liz Truss’ government, Kwasi Kwarteng’s treasury, were prepared to do all of that with either borrowing or massive public spending cuts so that’s it.
“£18 billion raised on corporation tax. £14 billion which would be, could be raised if this government would go for a windfall tax but instead it prefers to borrow the money to give to those oil and gas companies that we as taxpayers pay for down the line.”
Shelagh concluded: “When Liz Truss wants you to think she’s given you personal help, she hasn’t. She’s borrowing so that you are giving yourself personal help.”
“That’s what’s really happening”, she added.
READ MORE: Kwarteng insists no more mini-budget u-turns despite claims government ‘may raise corporation tax’
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