Truss will defend her record as PM and say what she thinks the UK must do to promote growth
In her speech this morning Liz Truss will claim that it is wrong to describe some of the measures in her mini-budget last year as unfunded tax cuts. She will say:
I felt we needed to begin reforming our tax system with measures to make it more business-friendly and make the UK a more attractive place to invest.
The impending hike in corporation tax needed to be reversed. Cutting the top rate of Income Tax would show Britain was open to talent.
Even on its own terms this still leaves £25 billion of permanent additional borrowing at a time when the main issue was inflation. But the CEBR costings are also wildly optimistic, and it’s factually incorrect to say that the OBR models are static.
