UK: Liz Truss, a front-runner for the Tory leadership, downplayed the possibility of a UK recession on Sunday, while the man expected to be her finance minister promised “help is coming” in response to the skyrocketing cost of living.
In an interview, Truss, who is widely expected to defeat Rishi Sunak and take over as Britain’s next prime minister, promised to lead a “small business and self-employed revolution” if elected.
There is far too much talk about an impending recession, according to Truss, who spoke to The Sun on Sunday.
“I don’t think that’s a given. Opportunity can be unlocked in Britain.
The UK should foster the economic environment necessary to produce “the next Google or the next Facebook,” she claimed.
Truss continued, “It’s about that level of ambition.
Business Secretary Kwasi Kwarteng, who is anticipated to lead the finance ministry in Truss’s government, said he understood the “deep anxiety” sweeping Britain as decades-high inflation bit in a separate interview with The Mail on Sunday.
However, he continued, “I want to reassure the British people that help is on the way. Work has already begun on ‘the best package of measures’ to enable the next prime minister to ‘hit the ground running.
After the outcome of the lengthy election is revealed on September 5, the outgoing leader Boris Johnson will be replaced by either Foreign Secretary Truss or the former finance minister Sunak.
The winner, who will officially take office the following day, faces an uphill battle because the Bank of England has predicted a recession for later this year as well as continued price increases.
Sunak, his allies, and others have sharply criticised Truss for promising immediate tax cuts rather than direct financial handouts to assist people struggling to pay their surging bills.
With the tax-cutting plans in the midst of the cost-of-living crisis, senior UK Conservative lawmaker Michael Gove charged her with taking a “holiday from reality” on Saturday.
Gove, who has served in a number of cabinet positions and has previously run for Tory leader, supported Rishi Sunak instead.
In an article published in The Times, Gove expressed his deep concern that many people’s framing of the leadership debate had been detached from reality.
“Rejecting additional “handouts” and cutting taxes alone won’t solve the problem of the cost of living crisis.”
The reduction in corporation tax would benefit “big businesses, not small entrepreneurs,” he continued, while Truss’ plans to roll back a recent increase in national insurance taxes designated for the health and social care sector “would favour the wealthy.”
“At a time of need it cannot be the right priority, but I cannot see how protecting the stock options of FTSE 100 executives should ever come before helping the most vulnerable members of our society,” Gove said.
The 54-year-old stated that he now backed Sunak after previously endorsing right-wing lesser-known MP Kemi Badenoch in the leadership race before it was down to the final two.
I am aware of the duties involved. Rishi also has it, he continued.
Gove, who until July oversaw the government’s department for housing and communities, as well as the ministries of education and justice, said he was not likely to take on a new position.
“I don’t anticipate running for office again. But serving in the cabinet for 11 years under three prime ministers was the greatest honour of my life, he continued.
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