the new prime minister to discuss its effect. here is part of their exclusive conversation. your government just unveiled a new tax proposal this week that would reverse plans to raise the corporate tax rate. you also proposed lifting the cap on bonuses for bank executives. in the u.s., president biden is taking a very different approach and obviously he has a different view on economic measures such as the one you re proposing. he tweeted this week, quote, i am sick and tired of trickle down economics. it has never worked. we re building an economy from the bottom up. and middle out. and so, president biden is in essence saying that he thinks your approach doesn t work. the opposition in parliament says you re recklessly running up the deficit and turning your back on so-called compassionate conservatism. i don t really accept the premise of the question at all. the uk has one of the lowest levels of debt in the g7, but we have one of the highest levels
pushed up energy prices and what i m determined to do as prime minister is make sure we re doing all we can to grow the economy and attract business and investment into the u.k. so we have a clear pathway to becoming a higher grade economy, more jobs, higher wages, that s what i m focused on. in that vain your government unveiled a tax proposal to reverse plans to raise the corporate tax rate and you proposed lifting the cap on bonuses for bank executives. in the u.s., president biden is taking a very different approach and obviously, he has a different view on economic measures like the one you re proposing. he tweeted i m sick and tired of trickle down economics. it never worked. we re building an economy from the bottom up and middle out. president biden is in essence saying he thinks you r approach doesn t work and the opposition
damages the italian economy first. so we ll see a lot of shift and a lot of change in stud. we ll see how that goes in terms of policy if in fact they win tomorrow. we ll be following that story tomorrow as well. barbie nadeau, thanks so much. british markets tumbled in reaction to the uk government s unveiling of a series of sweeping tax cuts and spending plans. the ftse 100 closed at three month lows and the pound a low against the dollar. jake tapper spoke with the new british prime minister liz truss who defended her government s controversial plans. listen to this. your government just unveiled a new tax proposal this week that would reverse plans to raise the corporate tax rate. you ve also proposed litinftinge cap on bonuses for bank executives. in the u.s. president biden is taking a very different approach and obviously he has a different view on economic measures such
we re going to give you more money back in pay packets, they re going to get rid of the a5p top rate of tax, they re going to give bankers bonuses. they believe firstly that that will stimulate growth, which we don t believe in, and secondly that that growth will trickle down to everybody else, and that just won t happen. we ve had this economic experiment here in the uk for the last 30 years and it s not worked for people here in liverpool in the north of england over that 30 years and it won t work again. it s not the kind of growth we need in this country. we need growth in all parts of the country for everyone and the benefits to be fairly shared. lucy powell confirmed labour s approach to those two tax changes. labour will oppose in the house of commons the abolition of the top rate but it will support cutting the basic rate from 20 pence in the pound to 19 pence, but i think what happens in terms of labour s tax proposal
government s controversial plans. listen to this. your government just unveiled a new tax proposal this week. you ve proposed lifting the cap on bonuses for bank executives. in the u.s., president biden is taking a very different approach and obviously he has a different view on economic measures such as the one you re proposing. he tweeted this week, quote, i am sick and tired of trickle-down economics. it has never worked. we re building an economy from the bottom up and middle out. so president biden is, in essence, saying that he thinks your approach doesn t work. the opposition in parliament says you re recklessly running up the deficit and turning your back on so-called compassionate conservatism. i don t really accept the premise of the question at all. the uk has one of the lowest levels of debt in the g7, but we have one of the highest levels of taxes.