- Liz Truss, the Reaganomics enthusiast who was Britain’s prime minister for just 44 days, made a comeback on Monday.
- A year after Truss’ chaotic mini-budget of tax cuts roiled financial markets and ultimately led to her resignation, crowds gathered on the sidelines of the Conservative conference to listen to her speak.
- Truss outlined her ideas on “tax exemption” and called on Finance Secretary Jeremy Hunt to cut corporation tax to 19%.
Former British Prime Minister Liz Truss speaks at the Great British Growth Rally event on the second day of the Conservative Party’s annual conference on October 2, 2023 in Manchester, England.
Carl Court | Getty Images News | Getty Images
MANCHESTER, ENGLAND (AP) — Liz Truss, the Reaganomics enthusiast who was Britain’s prime minister for just 44 days, staged a comeback of sorts on Monday, drawing fans from breakaway factions of the Conservative Party as she renewed calls for corporate tax cuts.
A year after Truss’s chaotic mini-budget of tax cuts roiled financial markets and led to her eventual resignation, crowds gathered on the sidelines of the Conservative Party conference in Manchester to hear the former leader set out her economic vision for Britain.
Speaking at a Great British Growth rally, Truss outlined her ideas for “cutting taxes” and called on Chancellor of the Exchequer Jeremy Hunt – whom she appointed to help get the UK economy back on track after the budget collapse – to raise corporation tax to June 19 % to reset It is currently 25%.
“Honestly, the lower you can get it, the better,” she said.
In a clear reference to US President Ronald Reagan’s campaign slogan “Make America great again” (a slogan later adopted by President Donald Trump), Truss said her pro-business agenda was part of her vision to “make Britain grow again “.
“We need companies that are able to expand, grow, create new jobs and develop new ideas,” she said.
She added that the UK’s current tax policy is causing companies like AstraZeneca to move to other countries with lower tax systems.
“Companies shouldn’t be a cash cow to be milked,” Truss said.
“Let’s stop taxing and banning things. Let’s build things and make things,” she added.
Truss’ speech was attended by hundreds of conference delegates, including party members, policymakers and the press, with many queuing outside the door to hear the former prime minister’s remarks.
Truss was voted to power last year by members of the Conservative Party, estimated to number around 160,000 – or 0.3% of the UK population. She defeated Rishi Sunak, who replaced her as Prime Minister after her resignation in October 2022.
One attendee at Truss’ speech said they voted for her in last year’s leadership election and continued to support her policies. Another said they attended out of curiosity.
The high turnout – which also included former Cabinet ministers Priti Patel and Jacob Rees-Mogg as well as former Brexit Party leader Nigel Farage – pointed to growing disunity within the ruling Conservative Party, which is gearing up for a tough fight against the opposition Labor Party prepares for next year’s general election.
A speech given by Chancellor Hunt an hour after Truss was well attended, although other meetings delivered by sitting Cabinet members in the main hall were at times significantly less crowded.