Ex-Prime Minister Urges Sunak to Reduce Taxes
Liz Truss, the former Prime Minister, has delivered a keynote address calling for various tax and institutional reforms. She has urged Rishi Sunak to cut taxes and emphasized the need for further tax reforms to promote a business-friendly environment and attract investors. Truss has proposed reversing the impending corporation tax hike and reducing the top rate of income tax. She has also called for the reform of IR35 legislation to streamline small businesses’ operations. Truss rejected claims that these measures are “unfunded tax cuts,” citing independent calculations by the Centre for Economics and Business Research. She criticized the Treasury and the Office for Budget Responsibility for their cost estimates, citing the CEBR’s findings that the cost of freezing corporation tax would be lower than the Treasury’s estimate. Truss also addressed issues within the NHS, advocated for decentralization, and spoke against excessive government spending. She emphasized the need for more political power and accountability and criticized “institutional bureaucracy” hindering politicians from implementing reforms. Truss defended her choice to challenge economic orthodoxy and mentioned her forthcoming book on implementing a smaller state and tax cuts.
