Sat. Jul 2nd, 2022

Rishi Sunak will warn that the next few months “will be tough” as he faces mounting pressure from cabinet ministers to cut taxes to help with soaring inflation.

In a speech to businesses the chancellor will say that he “cannot pretend” it will be easy to cut the cost of living. He will pledge to cut taxes for businesses in the autumn.

Liz Truss, the foreign secretary, said this morning that a “low-tax economy” was the best way to help people with the cost of living. It comes after inflation hit a 40-year high of 9 per cent.

Liz Truss expressed misgivings about the prospect of a windfall tax on the profits of energy companies

Liz Truss expressed misgivings about the prospect of a windfall tax on the profits of energy companies

ALAMY

Truss expressed misgivings about the prospect of a windfall tax on the profits of energy companies. She said that the tax on oil and gas firms could

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