Mini-budget: What is trickle-down economics? Has it ever worked?

Targeted tax reductions aim to accomplish this, traditionally settling on capital gains and savings.

In his mini-budget today, the Chancellor revealed plans to cut income and business taxes, with the most significant reductions for those earning more than £150,000 annually, as they no longer have to pay the 45 percent additional rate.

His plan was summed up by some as a bid to implement “trickle down” policies, which the cabinet swiftly rejected.

Levelling-up secretary Simon Clarke dismissed the claims as leftwing “nonsense”.