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Factbox-What will Liz Truss do if she becomes UK prime minister?

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Factbox-What will Liz Truss do if she becomes UK prime minister? By Reuters

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Economy 5 minutes ago (Sep 02, 2022 14:56)

© Reuters. FILE PHOTO: Conservative leadership candidate Liz Truss speaks as she is interviewed by British radio host Nick Ferrari during a hustings event, part of the Conservative party leadership campaign, in London, Britain August 31, 2022. REUTERS/Hannah McKay/F

LONDON (Reuters) – Foreign Secretary Liz Truss is leading the race to become Britain’s next prime minister, with opinion polls putting her well ahead of former finance minister Rishi Sunak before the Sept. 5 result is announced.

Below are details of the policies has Truss proposed during the leadership contest.

TAX

– No new taxes

– Hold an emergency budget and review of government spending

– Reverse a 1.25 percentage point rise in payroll tax known as National Insurance. The rise was introduced by Sunak in April to help pay for the health and social care system

– Cancel a planned increase in corporation tax. The tax is due to rise from 19% to 25% from 2023 under plans announced by Sunak in March 2021

– Apply a temporary moratorium on environmental and social levies added to consumers’ electricity bills

– Provide “immediate support” for households facing high energy bills. No specific details have been set out.

– Not impose any new levies on unhealthy food and ditch plans to restrict multi-buy deals on food and drink high in fat, salt, or sugar

– Review the way families are treated by tax authorities, with a view to easing the tax burden when family members are not working in order to care for children or relatives

ECONOMY AND DOMESTIC

– Review the Bank of England’s mandate without compromising its independence

– No energy rationing

– Support fracking in areas where people back it

– Create low regulation “investment zones”

– Introduce minimum service levels on critical national infrastructure and raise ballot thresholds to limit strike action

– Reform mortgage assessments to help those renting gain access to the housing market

– Scrap home-building targets, incentivise local authorities to build more houses and speed up the planning system

– Review how Britain will reach its 2050 net zero target to see how it can be done in a more “market-friendly” way

– No new Scottish independence referendum

– A six point education reform package, including measures to cut childcare costs

– Temporarily expand seasonal workers scheme to ensure farmers have access to labour

– Tackle violence against women and girls including criminalising street harassment

– Increase frontline border force by 20% and double the border force maritime staffing levels

– Review energy and water regulators, Ofgem and Ofwat, respectively, to ensure they are “much more effective”

INTERNATIONAL

– Increase defence spending to 3% of GDP by 2030 from 2.3% of GDP projected this year

– Make Ukraine’s President Volodymr Zelenskiy the first foreign leader she calls as prime minister, and work with G7 allies to provide more military and humanitarian aid for Kyiv

– Commit Britain to a lead role in a “new Marshall Plan” for Ukraine

– Update Britain’s foreign policy to include a new focus on China and Russia

– Seek a trade deal among Commonwealth members to act as a bulwark against China

– Scrap all remaining European Union laws that still apply in Britain by 2023, including Solvency II regulation and seek regulatory divergence from the EU

– Pursue more third country immigration processing partnership schemes, similar to the existing agreement to send some migrants to Rwanda

– Reform the European Convention on Human Rights (ECHR) “so it works better for Britain”

– Avoid setting an “arbitrary target” on immigration

Factbox-What will Liz Truss do if she becomes UK prime minister?

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