Truss promises support for Britons, plans panel of economic advisers


Liz Truss has pledged immediate financial support to households and pledged to take action in her first week in office to fix the UK’s energy supply, assuming she is appointed Prime Minister on Monday.

Content of the article

(Bloomberg) – Liz Truss has pledged immediate financial support to households and pledged to take action in her first week in office to fix the UK’s energy supply, assuming she is named Premier minister Monday.

Writing in the Telegraph, which has long backed his candidacy for Rishi Sunak in the contest to replace Boris Johnson, Truss said his Chancellor of the Exchequer – who is expected to be Treasury Minister Kwasi Kwarteng – will then propose a wider set of measures in what she called a “fiscal event” at the end of the month.

Content of the article

With household electricity bills set to reach £3,549 ($4,085) a year from next month, and business groups warning of closures if the issue of soaring energy costs does not is unresolved, Truss needs some early wins to ensure that his Conservative Party lawmakers and the wider electorate are on his side.

According to the Times, the cost of Truss’s overall plans for the economy – ranging from the cancellation of a planned National Insurance payroll tax hike to a temporary reduction in corporate rates – will easily exceed $100 billion. of pounds sterling. Most of it will be added to government borrowing.

Truss plans to set up a council of economic advisers to help run her and her finance minister. Gerard Lyons, chief economic strategist at online wealth manager Netwealth and a former adviser to Johnson during his time as mayor of London, is up for a role on that panel, the Telegraph reported.

In a separate article for the newspaper, Lyons supported capping the wholesale price of gas produced in the UK.

“It will also allow the government to focus on securing future supply,” he wrote. “It’s a simple measure and it can be executed in a way that reduces costs for the government.”

financialpost

Back to top button