The candidates to be Britain’s next prime minister are having a weird conversation about the economy. The country is bracing for a surge in gas and electricity bills in the coming months, while Citi analysts reckon inflation could hit 18% by early next year. But in the battle for the leadership of the Conservative party, the most vigorous debate is about lower taxes.
Both Foreign Secretary Liz Truss and her opponent Rishi Sunak, the former finance minister, want to reduce taxes. But Truss, who is the favourite to replace Prime Minister Boris Johnson in the contest which concludes next week, has upped the ante. She’s planning to lower state levies on incomes and corporate profit by 30 billion pounds.
Then there’s the energy crisis. The annual cost of electricity and gas for a UK household could hit 6,000 pounds by April next year, three times the level just twelve months earlier. If the state backstops a 100 billion poundproposed by the energy industry, or if Truss slashes Britain’s sales tax, as suggested by media reports, the fiscal picture will change dramatically.
Charities, business groups and politicians have called on Truss and her rival, former finance minister Rishi Sunak, to set out how they would help Britons cope with a forecast 82% rise in energy prices in October.
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