Liz Truss group to unveil rival 'Growth Budget' days before Autumn Statement

15 October 2023 , 12:12

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The former Tory leader left No10 almost a year ago after being forced to U-turn on her infamous mini-Budget (Image: Getty Images)

Failed PM Liz Truss's new taskforce is set to unveil an alternative "growth" Budget - a year after her own chaotic agenda sparked market chaos.

Launched in the summer by the country's shortest serving PM, the Growth Commission is promising "exciting" policies next month. It will unveil a "Growth Budget" report on 14 November - a week before the Chancellor Jeremy Hunt delivers the Autumn Statement in Parliament.

The Telegraph said the group will challenge "conventional thinking" and examine tax cuts championed by Ms Truss during her 49-day stint in No10. The former Tory leader left Downing Street almost a year ago after she was forced to U-turn on her infamous mini-Budget that triggered financial turmoil.

But earlier this month she continued to champion her tax slashing measures and appeared at a "growth rally" on the fringes of the Tory conference. The unrepentant former PM told members to "unleash their inner Conservative" and called for corporation tax to be slashed from 25% to 19%.

She told those present: "Let's stop taxing and banning things. "Let's instead build things and make things. Let's be prepared to make conservative arguments again, even if it's unpopular, even if it's difficult. I want everybody in this room to unleash their inner conservative."

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Co-Chairman of the Growth Commission Douglas McWilliams said the group's report will challenge "conventional thinking which has proved unable to rise to the challenge of fixing the UK’s low growth problem thus far." “At a time when politicians of all parties are at a loss to explain how to generate growth, this is why it is so important to be putting forward an alternative that does provide answers, backed by leading economists from around the world.”

Shanker Singham, another co-chairman, added: “One of the exciting things about the Growth Commission Budget is that we are looking at both tax and fiscal policy as well as domestic regulatory policy.

Over the weekend the ex-PM also posted a photo alongside the US senator Ted Cruz and his wife, Heidi, during a visit to Texas. She said: "It's vital that Conservatives win the battle of ideas both in the US and UK. The time is now".

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Ashley Cowburn