- Liz Truss Blames Swift Demise on Political and Economic Establishment
- Truss Defends Her £45 Billion Tax Cut Program
- Critique of Rishi Sunak’s Administration and Truss’s Proposed Tax Changes
In a speech on Monday, the ex-prime minister, who was only in office for 49 days, will attribute her swift demise to the “political and economic establishment that fed the markets.”
Liz Truss will likely urge the government to cut taxes and claim that her economic expansion strategy worked.
A year after her disastrous mini-budget, the former Conservative prime leader will claim her £45bn tax cut project was funded.
Monday, she will acknowledge that she and her chancellor, Kwasi Kwarteng, were in a “hurry” to achieve “results” during a speech at the Institute for Government think tank in central London.
Ms. Truss will also attribute her quick demise to the “political and economic establishment that fed the markets.”
Her comments come after former Bank of England governor Mark Carney launched a withering attack on Ms. Truss, accusing her government of transforming the United Kingdom into “Argentina on the Channel.”
Ms. Truss will state in her address, “I was effectively coerced into a policy reversal by the threat of a UK meltdown.”
She will also assert that the description of her proposed tax cuts as unfunded is “not fair or accurate.”
Ms. Truss will add, “Independent calculations by the Centre for Economics and Business Research indicate that reducing the higher rate of income tax and the ‘tourist tax’ would have increased rather than decreased revenue within five years.
In contrast to being unfunded, therefore, these tax cuts could have increased funding for public services.
Additionally, the policies of her successor, Rishi Sunak, will be criticized.
Ms. Truss will allege that Mr. Sunak’s administration spent £35 billion more than hers in Downing Street after 49 days.
She will say, “North Sea investment would not have faltered if not for the windfall tax.”
We would have moved forward with hydraulic fracturing, and lower energy costs would be on the horizon.
“A more competitive corporate tax rate would have prevented companies like AstraZeneca from relocating.
There would have been an increase in duty-free consumers and self-employed individuals.
Before Chancellor Jeremy Hunt’s Autumn Statement, Ms. Truss will advocate for a reduction of corporation tax to 19%.
She will also propose eliminating the tourist tax (value-added tax imposed on visitors) and the surplus tax.
Jonathan Ashworth wrote to the prime minister to block Ms. Truss’s unpublished resignation honours list before her speech.
Mr. Ashworth wrote in his letter to Mr. Sunak, “Families and businesses across the United Kingdom are still paying the price for the Conservative Party’s economic mismanagement, which has left working people worse off with higher taxes, higher mortgages, and higher food and energy expenses.
“It has been reported that Liz Truss has nominated as many as fourteen individuals for resignation honors”.
This means that those who caused the economic collapse, who caused millions of homeowners to pay more for their mortgages, and who undermined our economic institutions could be awarded.
“I strongly urge you to deny these honors.”
Daisy Cooper, the deputy leader of the Liberal Democrats, ridiculed Ms Truss.
She said: “Liz Truss giving a speech on economic growth is like an arsonist giving a talk on fire safety.”