Liz Truss Denies Tax Cuts Will Increase Inflation, Promises Emergency Budget

As the UK's foreign secretary, Liz Truss has entered the Tory leadership race, vowing to bring in an emergency budget and axe the National Insurance rise if she wins. Speaking to BBC Radio 4's Today programme, she denied that her planned £30bn of tax cuts would increase inflation, stating that they would instead decrease it. Truss also emphasized the need for change and deregulation to unleash investment in the country.

Key Takeaways:

• Truss has denied that her planned £30bn of tax cuts would increase inflation, claiming they would decrease it.
• She has vowed to bring in an emergency budget to swiftly axe the National Insurance rise.
• Truss has emphasized the need for change and deregulation to unleash investment in the country.
• She believes reducing National Insurance and cutting corporation tax will increase the supply side of the economy.
• Truss's economic policy differs from that of her rival, Rishi Sunak, who has argued that tax cuts cannot be introduced until inflation is "gripped".
• The pair will engage in a series of hustings across the UK, with the result being announced on September 5.

Statistics:

• £30 billion: the cost of Truss's planned tax cuts.
• £5: the reduction in National Insurance that Truss has promised.
• 2019: the year in which Boris Johnson led the Conservative Party to a majority win in the general election.
• 20 years: the length of time that economists and the Treasury have been promoting a particular economic policy, according to Truss.
• 12: the number of hustings that Truss and Sunak will take part in across the UK.

Sources:

• BBC Radio 4's Today programme
• The Daily Telegraph
• The Yorkshire Post