Former chancellor says opponent’s economic policies risk stoking inflation and pushing up interest rates
Sunak has repeatedly portrayed himself as the candidate willing to have a “grownup conversation” about the economy instead of telling what he has dismissed as “fairytales”. Asked about the impact of Truss’s tax cut plans, Sunak said: “Yes, I think it would be inflation.”
Truss doubled down on her insistence that her tax cut plans – which include reversing the recent national insurance increase, and cancelling a rise in corporation tax – were affordable and would “decrease inflation”. Analysis from the Institute for Fiscal Studies suggested Truss’s promises were ultimately likely to lead to public spending cuts. “They will mean higher borrowing or less public spending, or some combination,” it said.
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