Truss Tax Cut Plan ‘Only Way' To Rescue Economy

Truss plan is only way to ensure UK recovery

- Sam Lister

LIZ Truss’s bold tax-cutting reforms are the best way to save Britain from recession, according to a leading economist.

Visionary Professor Patrick Minford – who helped forge Margaret Thatcher’s revolutionary Budget strategies – backs Ms Truss’s plan for creating growth.

Welcoming the leadership favourite’s pledge to cancel corporation tax and National Insurance rises, he added: “She is right to tackle the cost-of-living crisis with lower VAT to offset the big tax rise now going on from not indexing income tax thresholds to inflation, as well as speeding up the inflation indexing of Universal Credit for poor households.”

Writing in the Daily Express today, the respected Brexiteer economist added: “All this will support the Bank of England in its monetary efforts to bring down inflation.”

Prof Minford said the plan set out by Ms Truss “is the only way to secure Britain’s economic recovery”.

He charted a path for the Tories’ frontrunner as Prime Minister to double growth by making even bolder cuts to taxes. It includes a massive £76billion cut in income tax, corporation tax and VAT, combined with a £24 billion cash injection into infrastructure.

Sources in the Truss camp said the proposals are “philosophically in the right direction” and nothing has been ruled out. Supporters pointed out she is “already listening” to advice being given by the top economist. Ms Truss has made tax cuts her priority in tackling soaring bills with a promise to put more of the money people earn back in their pockets.