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Liz Truss, a front-runner for the Tory leadership, downplayed the possibility of a UK recession on Sunday, and her potential finance minister promised that “help is coming” to address the country’s skyrocketing cost of living.
Truss, who is expected to defeat Rishi Sunak and take over as Britain’s next prime minister, promised in an interview that if elected, he will lead a “small company and self-employed revolution.”
Truss told the Sunday tabloid The Sun that “there is too much chatter that there will be a recession.”
“That isn’t inescapable, in my opinion. Here in Britain, we may seize opportunity.”
The next Facebook or Google, she claimed, should be produced in the UK if the right economic conditions are in place.
That level of ambition is important, said Truss.
Business Secretary Kwasi Kwarteng, who would likely lead the finance ministry in Truss’s government, stated in a separate interview with the Mail on Sunday that he understood the “deep dread” sweeping Britain as decades-high inflation began to bite.
After the outcome of the lengthy election is revealed on September 5, either Foreign Secretary Truss or former Finance Minister Sunak will succeed outgoing leader Boris Johnson.
With the Bank of England projecting a recession later this year as well as further price increases, the winner, who is expected to formally assume office the next day, faces an uphill battle.
Instead of offering direct financial assistance to those who are having trouble paying their mounting costs, Truss has promised quick tax cuts, attracting sharp condemnation from Sunak, his friends, and others.
Gove endorses Sunak
Senior UK Conservative member Michael Gove charged her on Saturday with taking a “vacation from reality” with the tax-cutting proposals in the midst of the rising cost of living.
Gove, who has held numerous cabinet positions and has previously run for Tory leader, instead supported Rishi Sunak for the top position.
In an essay published in the newspaper The Times, Gove stated, “I am deeply concerned that the framing of the leadership contest by many has been a holiday from reality.
He continued by saying that Truss’ proposals to roll back a recent increase in national insurance taxes designated for the health and social care sector “would favour the wealthy” and that Truss’ plans to cut corporation tax would “benefit big corporations, not small entrepreneurs.”
Gove said: “At a time of need it cannot be the correct priority, but I cannot see how protecting the stock options of FTSE 100 CEOs should ever take precedence over helping the poorest in our society.”
The 54-year-old claimed to have previously endorsed the right-wing, less well-known MP Kemi Badenoch in the leadership contest until it came down to the final two, but he now declared his support for Sunak.
Gove, who formerly oversaw the ministries of education and justice and until July served as head of the government’s department for levelling up, housing, and communities, said he was not expected to take on a new position.
“I don’t anticipate serving in politics again. But I had the life-changing opportunity to serve in the cabinet for 11 years under three prime ministers “he added
