Liz Truss is set to urge the government to cut taxes – and insist her plan to grow the economy would eventually have worked.
A year on from her disastrous mini-budget, the former Tory prime minister will also say it was unfair to suggest her programme of tax cuts, amounting to £45bn, was unfunded.
She and her chancellor, Kwasi Kwarteng, were in a “rush” to get “results”, she will admit during a speech at the Institute for Government thinktank in central London on Monday.
But Ms Truss will also blame her swift demise on reaction from the “political and economic establishment which fed into the markets”.
Her remarks come after the former governor of the Bank of England, Mark Carney, launched a scathing attack on Ms Truss – accusing her government of turning Britain into “Argentina on the Channel”.
In her speech, Ms Truss will say: “I was effectively forced into a policy reversal under the threat of a UK meltdown.”
She will also claim that describing her planned tax cuts as unfunded is “not a fair or accurate description”.
Ms Truss will add: “Independent calculations by the Centre for Economics and Business Research suggest that cutting the higher rate of income tax and the ‘tourist tax’ would have increased rather than decreased revenues within five years.
“So quite the opposite of being unfunded, these tax cuts could have increased funding for our public services.”
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Truss’s time as PM, one year on
The policies of her successor, Rishi Sunak, will come under fire too.
Ms Truss, who was in office for only 49 days, will claim Mr Sunak’s government has spent £35bn more than she would have had she remained in Downing Street.
“Investment would not have faltered in the North Sea, were it not for the windfall tax,” she will say.
“We would have got moving on fracking and lower energy bills would now be on the horizon.
“A more competitive rate of corporation tax would have persuaded the likes of AstraZeneca not to relocate elsewhere.
“There would have been more duty-free shoppers and a boom in the number of self-employed.”
Image: Liz Truss before resigning as prime minister last October
Ahead of Chancellor Jeremy Hunt’s Autumn Statement, Ms Truss will call for corporation tax to be reduced back down to 19%.
She will also suggest binning the tourist tax (VAT imposed on visitors) and abolishing the windfall tax.
Ahead of her address, Labour frontbencher Jonathan Ashworth has written to the prime minister, calling on him to block Ms Truss’s yet-to-be published resignation honours list.
In the letter to Mr Sunak, Mr Ashworth said: “Families and business across Britain are still paying (the) price for the Conservative Party crashing the economy and leaving working people worse off, with higher taxes, higher mortgages and higher food and energy bills.
“Despite this, it has been widely reported that Liz Truss has submitted up to 14 people to receive resignation honours.
“This means that those who crashed the economy, who left millions to pay more for their mortgage and who undermined our economic institutions could receive an award.
“I urge you to block these honours.”
Liberal Democrat deputy leader Daisy Cooper mocked Ms Truss.
She said: “Liz Truss giving a speech on economic growth is like an arsonist giving a talk on fire safety.”
A man has been charged with stalking and possession of a flick knife after allegedly targeting Lib Dem leader Sir Ed Davey and his family.
Inigo Rowland, 58, of Surbiton, south London, was arrested last Monday, but it was only made public on Sunday.
He appeared at Wimbledon Magistrates’ Court on Tuesday and was remanded in custody, the Met Police said.
The offences are alleged to have taken place between June and October.
Sir Ed, the MP for Kingston and Surbiton, lives in southwest London with his wife, Emily, their 17-year-old son John, and his younger sister Ellie.
A spokesperson for the Met Police said: “Inigo Rowland, 58, of Surbiton has been charged with stalking and possession of a flick knife.
“He appeared at Wimbledon Magistrates’ Court on Tuesday, 7 October and was remanded into custody. He will next appear at the same court on Tuesday, 14 October.
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“He was arrested on Monday, 6 October in relation to the offences, which are alleged to have taken place between June and October.”
A Lib Dem spokesperson said: “We cannot provide any details at this time, Ed’s number one priority is the safety of his family.”
An investigation has tied the Hyperliquid whale controlling over 100,000 BTC to Garrett Jin, the ex-BitForex CEO whose exchange collapsed amid fraud probes.
Calls for a meeting with Prime Minister Sir Keir Starmer have been snubbed by No 10, the leader of Plaid Cymru has told Sky News.
Rhun ap Iorwerth, who has served as leader of the Welsh nationalist party since June 2023, is looking likely to become Wales’s first minister next May, but when he asked to meet with Sir Keir after his election last year, he says he was turned down.
Speaking with Sky News’ political correspondent Liz Bates, Mr ap Iorwerth said he had “never” had a conversation with the prime minister but it was “not because I haven’t tried”.
He added: “When I contacted the prime minister to ask for a meeting, after his election last year, I was turned down and it was passed on to the Secretary of State for Wales.
“People can read into that what they want.
“I’ve spoken very openly about wanting to have a constructive relationship with the UK prime minister.”
The former journalist said in his reporting days he had not interviewed Sir Keir and now, in politics, their “paths had never crossed” but he said he felt it was “important”.
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“I have certainly asked if we could meet. And that is certainly something that I would still love to happen,” he said.
Mr ap Iorwerth said a conversation would be key because if he became Welsh first minister, there would be “serious negotiations on serious issues around funding for Wales – on investing in infrastructure in Wales, on the future of how we’re able to influence and use our natural resources in Wales”.
“So I want to have that constructive relationship,” he said.
In an apparent nod to current Labour first minister Eluned Morgan, Mr ap Iorwerth said Sir Keir would be in “no doubt” that his loyalty “would always be to the people of Wales”.
He said: “I won’t be pulling my punches in order to save the Labour Party embarrassment.
“I’ll be really laying out what’s in the interest of Wales. And that’s, I think, a fundamentally different relationship. But it has to be, and I want it to be, a constructive one.”
The next Senedd election is May 2026, when voters in Wales will elect 96 members for the first time – an increase of more than 50% from the current 60.
Welsh politics has traditionally been dominated by Labour.
Labour’s grip on Wales sliding?
Welsh Labour MPs have been the largest group sent to Westminster in every general election since 1922 – and the party has been in government in the country for more than a quarter of a century.
But if the polls are accurate, Labour’s long-standing grip on politics in Wales is fading.
Plaid Cymru and Reform UK are running almost neck and neck, while Labour trails significantly.