Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

UK Leadership Hopeful Liz Truss Downplays Prospect Of Recession

UK Leadership Hopeful Liz Truss Downplays Prospect Of Recession

Liz Truss argued that the UK should create the economic conditions to produce "the next Google or the next Facebook".

Tory leadership favourite Liz Truss downplayed Sunday the prospect of a UK recession, while the man tipped to be her finance minister vowed "help is coming" over the soaring cost of living.

Truss, the frontrunner in polls to beat rival Rishi Sunak and become Britain's next prime minister, pledged in an interview to lead a "small business and self-employed revolution" if in power.

"There is too much talk that there's going to be a recession," Truss told The Sun on Sunday tabloid.

"I don't believe that's inevitable. We can unleash opportunity here in Britain."

She argued that the UK should create the economic conditions to produce "the next Google or the next Facebook".

"It's about that level of ambition," Truss added.

In a separate interview with the Mail on Sunday, Business Secretary Kwasi Kwarteng -- who is expected to head the finance ministry in Truss's government -- said he understood the "deep anxiety" sweeping Britain as decades-high inflation bit.

"But I want to reassure the British people that help is coming," he added, telling the paper that work had started on "the best package of measures" to allow the next prime minister to "hit the ground running".

Either Foreign Secretary Truss or ex-finance minister Sunak will replace outgoing leader Boris Johnson after the result of the summer-long contest is announced on September 5.

The victor, set to formally take power the next day, faces a daunting challenge, with the Bank of England predicting a recession later this year as well as continued rising prices.

Truss has vowed immediate tax cuts rather than direct financial handouts to help people struggling to pay their surging bills, drawing stinging criticism from Sunak, his allies and others.

Gove backs Sunak


On Saturday, senior UK Conservative lawmaker Michael Gove accused her of taking a "holiday from reality" with the tax-slashing plans amid the cost-of-living crisis.

Gove, who has held a raft of cabinet roles and previously stood to be Tory leader, instead endorsed Rishi Sunak for the top job.

"I am deeply concerned that the framing of the leadership debate by many has been a holiday from reality," Gove said in an article in the The Times newspaper.

"The answer to the cost-of-living crisis cannot be simply to reject further 'handouts' and cut tax."

He added Truss' plans to reverse a recent rise in national insurance taxes earmarked for the health and social care sector "would favour the wealthy", while slashing corporation tax would help "big businesses, not small entrepreneurs".

"I cannot see how safeguarding the stock options of FTSE 100 executives should ever take precedence over supporting the poorest in our society, but at a time of want it cannot be the right priority," Gove said.

The 54-year-old, who previously supported the right-wing lesser known MP Kemi Badenoch in the leadership race before it narrowed to the final pair, said he now backed Sunak.

"I know what the job requires. And Rishi has it," he added.

Gove -- who until July led the government's department for levelling up, housing and communities, and has previously led the education and justice ministries -- indicated he was not likely to take on another role.

"I do not expect to be in government again. But it was the privilege of my life to spend 11 years in the cabinet under three prime ministers," he added.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
×