Rishi Sunak prepares for a new attack from Liz Truss in TONIGHT’s interview

Rishi Sunak faces renewed attack from predecessor Liz Truss today as he fends off calls for tax cuts soon.

The former prime minister will later make another public intervention in an interview with The Spectator after breaking her silence to defend her growth agenda.

Ms Truss yesterday fueled the simmering Conservative civil war by complaining she was never given a “realistic chance” to implement her radical tax cut agenda due to a lack of political support and a “powerful economic establishment”.

But Mr Sunak’s allies and Chancellor Jeremy Hunt have made it clear there is no prospect of reducing the burden – which is at a post-war high – in next month’s budget. Instead, they insist that action must wait until rampant inflation is brought under control.

Rishi Sunak faces renewed attack from predecessor Liz Truss today as he fends off calls for tax cuts soon

Ms Truss used a 4,000-word article yesterday to acknowledge she was not “blameless” for the way her Chancellor Kwasi Kwarteng’s infamous mini-budget was disastrously unraveled.

The spate of unfunded tax cuts and the Office for Budget’s lack of scrutiny for accountability heralded a meltdown in bond markets and a nosedive for sterling against the dollar and euro.

However, Ms Truss said she still believes her approach to fostering growth is the right one.

Pointing to a left-leaning bias in the economy’s “establishment,” she said she had not been warned about the risk that complicated investment strategies could cause pension funds to collapse.

Business Secretary Grant Shapps – who was Home Secretary for six days when Ms Truss’ 49-day term collapsed – distanced Ms Sunak’s government from its idea of ​​cutting taxes immediately.

When asked by the BBC if their approach was correct, he said: “Well, it clearly wasn’t.”

He previously told Sky News’ Ridge on Sunday: “You have to get down to basics first. They need to reduce inflation, which is the biggest tax cut you can have.

“I noticed that she said they didn’t prepare the ground for these big tax changes. You have to deal with the big structural problems first, first inflation, then debt, and then tax cuts.

“I totally agree with Liz’s instinct to have a lower tax economy. We also know you’re in trouble if you do this before you’ve dealt with inflation and debt. You can’t get growth out of nothing.

“Rishi Sunak came in, he canceled that premium because the markets didn’t like what was going on at the time. So we’re back where we should be.’

Alicia Kearns, Tory leader of the Foreign Affairs Committee, told Sky: “I think the best and most polite way of saying this would be that the memories vary, but fundamentally the markets have not deserted, they have not woken up .

“Unfulfilled promises are untenable, and ultimately Liz Truss’s premiership ended, unable to lead the party. Number 10 said one thing to the minister at the dispatch box while telling the whips another in a fairly crucial vote. It was because of this mismanagement of the party that MPs lost confidence in Liz Truss and that’s why her tenure as Prime Minister ended.’

Jake Berry, who was Tory Party leader under Ms Truss, defended his former boss, saying her article contained “admission of guilt” and her diagnosis of the problems Britain was facing – high taxes – was correct. However, he admitted that her “recipe was wrong.”

Ms Truss wrote in The Sunday Telegraph: “I’m not claiming no blame for what happened, but at bottom I have not been given a realistic chance by a very powerful economic establishment coupled with a lack of political support, my implement policy.

Business Secretary Grant Shapps immediately distanced Mr Sunak’s government from calls for lower taxes

Jake Berry, who was leader of the Tory party under Ms Truss, defended his former boss, saying her article contained “guilt acceptance”.

“When I entered Downing Street I assumed my mandate would be respected and accepted. How wrong I was Although I expected resistance from the system to my program, I underestimated the extent of it.

“Similarly, I underestimated the resistance within the Conservative Parliamentary Party to moving to a lower-tax, less-regulated economy.”

Ms. Truss’ brief tenure lasts just 49 days. She was forced to quit after Mr Kwarteng’s £45billion package of unfunded tax cuts sent markets panicking and the pound tanked.

She said her experience last fall was “personally painful to me” and argued she was not warned about the risks to bond markets posed by pension fund liability-driven investments (LDIs).

The risk of the investment strategy collapsing if gilt prices fall forced the Bank of England to intervene.

Source: | This article originally belongs to Dailymail.co.uk