UK's Liz Truss ready to speed up tax cut plan, newspaper
Liz Truss, the front-runner to become Britain's next prime minister, plans to rush through tax cuts earlier than planned in an attempt to boost the country's flagging economy, the Sunday Telegraph reported.
Truss was considering accelerating by six months her plan to reverse this year's increase in social security contributions which had been pencilled in for April 2023, the newspaper said.
Advisors to Truss believed the cut could be introduced within days of an emergency budget that her government would deliver in September, if she wins the ruling Conservative Party's leadership race that is due to end on Sept. 5, it said.
Truss's rival, former finance minister Rishi Sunak, says cutting taxes now would add more fuel to Britain's soaring inflation rate which is set to surpass 13% in October, according to the Bank of England's latest forecasts.