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Conservative leadership race:  ‘I won’t criticise’ Rishi over ‘mansplaining’ accusations, says Truss

Conservative leadership race:  ‘I won’t criticise’ Rishi over ‘mansplaining’ accusations, says Truss

Liz Truss attacks Rishi Sunak’s economic plans

Liz Truss has attacked Rishi Sunak’s plan to press ahead with a planned hike to corporation tax. 

The levy is due to rise from 19 per cent to 25 per cent next year. Ms Truss has said she would halt the rise while Mr Sunak has committed to implementing it as planned. 

Speaking to Sky News, the Foreign Secretary was asked about the IMF world economic update (see the post below at 15.22), which implied that not cutting taxes and keeping spending down is the way forward.

She said: “Let’s be clear, his (Rishi Sunak’s) plan is to raise taxes. He is planning to raise taxes on corporations, putting our taxes up to the same level as France. That is going to put off people who want to invest in Britain. And I know there are masses of opportunities right across the country.

“Less investment will mean fewer jobs, fewer opportunities, lower wages and lower productivity in the future. So it’s cutting off our nose to spite our face. The fact is that we promised in our manifesto not to raise National Insurance. I thought it was wrong at the time to do so, and that is why I would reverse that.

“I also want to put money into people’s pockets. I could quote the OECD who said that our current policy is contractionary. And what that means is it will lead to a recession. A recession would be a disaster, it would be a disaster for people who are homeowners. It would be a disaster for people who go out to work. It would be a disaster for people who run businesses.

“That is why I want to keep taxes low, attract the investment, get the growth. That’s the best way to pay down our debt.”

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