EPISODE · Oct 5, 2022 · 14 MIN
How a tax cut for the wealthy almost tanked the UK economy
from The Decibel · host The Globe and Mail
Liz Truss’s ‘mini budget’ didn’t get a mini reaction. The plan, which initially included a cut in personal income tax for the top earners, sent markets into a panic and sent the pound plummeting to near parity with the U.S. dollar — something that hasn’t happened since the mid-1980s.But why did the markets react that way to a budget? And what was Truss trying to do in the first place? Lucille Perreault is a researcher at the Sprott School of Business at Carleton University, and she specializes in taxes. She explains the economics at work and what Canada can learn from the fallout.Questions? Comments? Ideas? Email us at [email protected] Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
What this episode covers
Liz Truss’s ‘mini budget’ didn’t get a mini reaction. The plan, which initially included a cut in personal income tax for the top earners, sent markets into a panic and sent the pound plummeting to near parity with the U.S. dollar — something that hasn’t happened since the mid-1980s. But why did the markets react that way to a budget? And what was Truss trying to do in the first place? Lucille Perreault is a researcher at the Sprott School of Business at Carleton University, and she specializes in taxes. She explains the economics at work and what Canada can learn from the fallout.
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How a tax cut for the wealthy almost tanked the UK economy
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