Politics

‘Will be immediate!’ Liz Truss vows to cut taxes despite backing down on emergency budget

Liz Truss is 'avoiding transparency' with tax plans says Stride

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The Foreign Secretary insisted she will continue to push ahead with her plan to cut taxes if she defeats Rishi Sunak in the race to replace Boris Johnson as Conservative Party leader and Prime Minister. However, Ms Truss also downgraded on her pledge to hold an emergency budget.

Allies of Ms Truss confirmed yesterday she would instead hold a “fiscal event”.

Such an event would avoid the need to commission forecasts from the Office for Budget Responsibility (OBR), according to the Times.

Critics have claimed an OBR forecast would highlight how Ms Truss’ plans would lead to a huge rise in borrowing.

The South West Norfolk MP is expected to use the fiscal event to reverse national insurance rises, scrap green levies on energy bills and offer targeted support for the poorest.

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A source close to Truss told the Times: “Liz has been very clear that tax cuts will be immediate.

“She has been clear that on day one we will set about reversing the national insurance increase.”

Ms Truss committed herself to holding an emergency budget earlier this month.

The Foreign Secretary said: “I would hit the ground running by bringing in an emergency budget, charting a firm course to get our economy growing in order to help fund our public services and NHS.

“I would use this to immediately tackle the cost of living crisis by cutting taxes, reversing the rise on national insurance and suspending the green levy on energy bills.

“We would be able to put more money back in the pockets of hard-working people without delay.

“That is necessary, affordable and the right thing to do at a time when we face the highest tax burden in 70 years.”

An ally of Rishi Sunak said: “For weeks, Liz Truss’s central campaign pledge, in her own words, has been ‘to hit the ground running by bringing in an emergency budget’.

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“Now as her half-baked plans collide with reality she is walking back from it.

“The question now is whether she will come good on her promise to deliver £50billion worth of immediate tax cuts or whether she now agrees with Rishi that the priority must first be to grip inflation and help people with the cost of living.”

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