Former UK Prime Minister Liz Truss, known for her advocacy of Reaganomics, made a strong comeback at the Conservative Party Conference in Manchester on Monday. Despite her previous controversial tenure and resignation, Truss drew a significant crowd of fans from breakaway factions of the Conservative Party as she renewed her calls for business tax cuts.
At the “Great British Growth” rally, Truss passionately outlined her economic vision for Britain, emphasizing the importance of “axing the tax.” She specifically called upon Finance Minister Jeremy Hunt, whom she had appointed to rectify the country’s economy after the turbulent mini-budget that had caused financial market disruption, to reduce the corporation tax rate from its current 25% back to 19%.
Truss’s return to the political stage was met with curiosity and enthusiasm, given her previous tenure as prime minister, which lasted only 44 days. Her short-lived term was marked by a chaotic mini-budget that caused significant ripples in financial markets and ultimately led to her resignation. However, Truss’s message of business tax cuts appeared to strike a chord with many attendees at the conference, who were eager to hear her economic vision for the country.
The rally, held on the fringes of the Conservative Party Conference, attracted a large crowd who were keen to hear Truss’s proposals for fueling economic growth in the UK. Many supporters of Truss’s ideology were in attendance, hoping to see her ideas gain traction within the party. Truss’s Reaganomics-inspired approach, centered around supply-side economics and tax cuts, has long been a point of contention and debate within the Conservative Party.
Truss’s call for a reduction in corporation tax to 19% from the current 25% aims to provide businesses with the necessary incentives to invest and grow. In her speech, she argued that a lower tax burden on businesses would stimulate economic activity and ultimately benefit the wider population. However, critics argue that such tax cuts may disproportionately favor corporations and fail to address broader issues such as income inequality.
While Truss’s return to the political spotlight has sparked renewed interest in her economic vision, it remains to be seen how her proposals will be received within the Conservative Party. Some factions may view her ideas as a refreshing alternative, while others may remain skeptical of the potential implications of significant tax cuts. As the conference continues, it is anticipated that discussions around Truss’s economic agenda will remain at the forefront of political discourse.
More detail via CNBC here… ( Image via CNBC )