The two candidates vying to replace Boris Johnson as prime minister continued to clash over their plans for the economy
Rishi Sunak has contrasted his “clear-eyed realism” with the “starry-eyed boosterism” of his Tory leadership rival Liz Truss, while she vowed to use a September emergency budget to “immediately” cut taxes. after the Bank of England warned this week that the UK would fall into the longest recession since the financial crisis, with inflation set to soar to more than 13%.
“It might be OK but I think it means taking a gamble with people’s savings, their pensions, their mortgage rates. It's not a gamble I’m prepared to take so I don’t want to make it worse.” “Despite the Bank of England’s stark assessment this week, I do not believe in resigning our great country to managed decline or accepting the inevitability of a recession,” the Foreign Secretary wrote in The Sunday Telegraph. “I would hit the ground running by bringing in an emergency budget, charting a firm course to get our economy growing in order to help fund our public services and NHS.
Video Loading Video Unavailable Click to play Tap to play The video will auto-play soon8Cancel Play now Ms Truss wants to accelerate by six months her plan to scrap the national insurance hike, implementing the change within days of a September emergency budget instead of waiting until April in line with usual Treasury rules, the newspaper reported.
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