Liz Truss wins election, promising tax cut offs

Newly elected United Kingdom prime minister Liz Truss made it clear that she will be going ahead with her plans to introduce tax cuts in order to tackle the cost-of-living crisis in the country. This was a major campaign promise made by Truss in the leadership race and after winning the race against Rishi Sunak, she said that she will “deliver a bold plan to cut taxes and grow our economy”. 

"I will deliver a bold plan to cut taxes and grow our economy. I will deliver on the energy crisis, dealing with people's energy bills, but also dealing with the long-term issues we have on energy supply." 

Truss will succeed Boris Johnson, who tendered his resignation in July after a slew of scandals which involved a revolt from his own cabinet. However, the victory margin of Truss was considerably lower than what Johnson was able to achieve in his leadership race against Jeremy Hunt in 2019. 

"I know she has the right plan to tackle the cost of living crisis, unite our party and continue the great work of uniting and levelling up our country," Johnson said on Twitter after Truss’s victory. 

Truss, who has also served as UK's foreign secretary, will be facing a number of challenges with Britain facing a recession and major unrest following a dip in household incomes all around the country. 

In the next few days, Truss is expected to cancel all tax increases and also provide some financial relief to the citizens. However, the decision has not gone down well with all experts as a number of them claimed this can make the situation worse by increasing the fuel inflation, according to Reuters.