Liz Truss tax cuts for the rich are ‘not trickle-down economics’, Tory minister insists

Minister rejects label as prime minister says rich will benefit the most

Liz Truss's plan to cut taxes for the rich and corporations is not "trickle-down economics", a Conservative minister has said.

The prime minister on Tuesday said the rich would get a "disproportionate benefit" out of her economic approach but that this would ultimately be good for "everyone in this country".

The comments were widely interpreted as a return to "trickle-down economics" – the belief that helping the rich will benefit the wider economy.