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Saying mini-budget is ‘trickle-down economics’ is leftwing nonsense, says minister

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The levelling up secretary has described the suggestion that the chancellor’s mini-budget will be “trickle-down economics” as leftwing “nonsense”.Simon Clarke made the comments before a tax-cutting budget to be announced on Friday.The rightwing economic theory that cutting taxes for businesses and high earners will enable benefits to “trickle down” into the pockets of the poorest has become a political football this week as the prime minister pushes through tax cuts.Although it has been labelled a “mini” budget, Friday’s announcements are expected to be far-reaching.

Despite this, the plans have not been subjected to the usual Office for Budget Responsibility analysis.When asked about this, Clarke said the OBR had said it was too short notice for it to complete “the usual quality of analysis that they would offer”.

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