The Conservative Party Conference was set ablaze with excitement as former Prime Minister Liz Truss delivered a passionate speech, demanding that Chancellor Rishi Sunak “axe the tax” during a packed-out fringe event on Tuesday. Truss’s electrifying address left the audience at the Great British Growth Rally event roaring in approval, marking a stark contrast between her and the current Chancellor, who has faced criticism over recent fiscal decisions.
The atmosphere was electric as Truss took the stage, greeted by a thunderous applause from Tory members who were reminded that she had been elected by them, unlike Sunak. With a bold and unwavering tone, Truss called upon the Chancellor, Jeremy Hunt, to make a significant move in the upcoming autumn statement by reducing corporation tax rates.
“I’m calling upon the Chancellor at the autumn statement to put corporation tax back down to 19 percent,” Truss declared, capturing the room’s attention. She went on to suggest that even lower rates could be considered, emphasizing her belief that economic growth and a prosperous future for Britain hinge on providing businesses with the freedom they need to thrive.
“What we know is that economic growth and making Britain grow again is not going to be delivered by the Treasury. It’s not going to be delivered by more public spending. It’s not going to be delivered by more regulation,” Truss asserted. “It is going to be delivered by giving business the freedom they need to succeed.”
According to reports by Express on Monday, October 2, 2023, Truss’s call for a corporation tax reduction struck a chord with the audience, as it aligns with the Conservative Party’s longstanding commitment to fostering a business-friendly environment. The crowd erupted into cheers, clearly enthusiastic about the prospect of lower taxes for corporations, which could, in turn, boost economic growth and job creation.
The demand to “axe the tax” resonates with many Tories who believe that lowering corporation tax rates will incentivize investment and job expansion, ultimately bolstering the UK’s post-pandemic economic recovery. While Rishi Sunak has championed various financial measures during his tenure as Chancellor, such as the furlough scheme, he now faces increasing pressure from within his own party to prioritize tax cuts for businesses.
As the autumn statement approaches, all eyes will be on Chancellor Sunak as he navigates the delicate balance between fiscal responsibility and stimulating economic growth. The passionate plea from Liz Truss has undoubtedly added fuel to the ongoing debate surrounding the future of taxation in the United Kingdom. The anticipation for Sunak’s response will remain high, as the Conservative Party charts its course towards economic prosperity.
