Truss to finally get revenge on Sunak with fresh Inheritance Tax revolt

Former PM Liz Truss makes her case for growth

The low-tax, anti-regulation group of MPs loyal to Liz Truss’s vision for Britain has swelled to 60 members, the Express understands.

The free market “Conservative Growth Group”, which now represents roughly 17 percent of Tory MPs, is well above the threshold needed to trigger a no-confidence vote despite most of its members being resigned to the fact they can’t remove Rishi Sunak as PM.

The group was started by Liz Truss allies following her removal from No. 10 last year, led by former Secretaries of State Simon Clarke and Ranil Jayawardena.

While the group has so far remained low-key, they will unveil their first report next week.

The research is set to hone in on improvements needed with Britain’s income tax system, if the Government hopes to see a growing economy.

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The Express also hears the group may publicly champion changes to the UK’s inheritance tax structures.

Last week co-chair of the group Ranil Jayawardena told the Telegraph: “Fundamentally, Liz’s view, my view, the view of so many Conservatives across the country is people should be free to spend their own money, they earned it, so they deserve to keep it.

“In this time where prices are high for so many, actually taking action on tax reform really would make life more affordable for more people.”

A source told the Express the Conservative Growth Group is a broad church that will not agree on the minutia of all policy proposals, including prioritising inheritance tax cuts, but there’s an absolute necessity to keep pushing the low-tax agenda within the party.

Other members of the group feel particularly frustrated that Ms Truss was brought down over the economic effects of the “Mini Budget”, despite gilt rates now being higher under Rishi Sunak than resulted from Ms Truss and Kwasi Kwarteng’s attempts to kickstart the economy.

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Next week will be a big one for Ms Truss, who will also be launching her “Growth Commission”.

At the weekend it was revealed her latest plans to create a new “international task force”, a non-partisan group, to investigate the causes of sluggish growth.

While Ms Truss will act as its “fairy godmother” in the words of one close source, it will be chaired by the leading economist Douglas McWilliams, who will analyse the impact different policy decisions have on GDP per capita.

The group will also question Treasury orthodoxy and the static economic modelling of established economic groups and analysts, who they see as failing to appreciate the economic costs of tax rises as well as the notional “money raising”.

Mr McWilliams said the commission will look at how to break the West out of a “stagnation loop”.

He said: “We need to change the economic conversation now for the future of our advanced democracies.

“Growth is a long-term issue, which requires a fundamental reset in current short-term thinking.

“Without that change in conversation, we are stuck in a stagnation loop. This commission will look to challenge the current conversation.”

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