BETA filters Key Facts (2) Liz Truss (4) Rishi Sunak (3) Here’s the chart in the press release from the Rishi Sunak campaign released overnight that explains why it says Liz Truss is promising £61.5bn worth of unfunded tax cuts and spending pledges. (See 9.27am) Tax cuts promised by Liz Truss Photograph: Rishi Sunak campaign Right-wing website Guido Fawkes argues that by opposing the proposed tax cuts in this way, the Sunak camp is akin to Gordon Brown, and that what it is actually doing is inadvertently promoting Truss’s plan to save taxpayers more than £48 billion.
Criminal lawyers in England and Wales vote to strike indefinitely
Criminal lawyers in England and Wales have voted to strike indefinitely from next month, the Criminal Bar Association (CBA) has announced. And the BBC’s Ione Wells says OBC sources dispute suggestions from the Truss camp that he would not have time to make a new fiscal and economic forecast ahead of Liz Truss’ planned emergency budget. New: Travers allies defend her for not wanting an OBR forecast on public finances ahead of tax cuts – arguing it’s because she wants to act now and not wait for a forecast to do so. However, OBR sources said they could make early provision for an emergency budget. — Ione Wells (@ionewells) August 22, 2022 Truss’ team claims this would not be necessary for what it described as a “targeted fiscal event”, citing how financial support for households was announced in May 2022 with no new provision. Although it hasn’t announced any “targeted support” so far. – only universal tax cuts. — Ione Wells (@ionewells) August 22, 2022 Chris Giles, the financial editor of the Financial Times, says Rishi Sunak announced several emergency bailouts (for the Covid and energy bills) when he was chancellor without receiving a new economic forecast from the Office for Budget Responsibility each time. But if Liz Truss tried to stop the OBR producing an independent fiscal and economic forecast twice a year, that would be worrying, he says. Good for Liz Truss to cut a tax and offer energy support without an OBR provision. Sunak has done the same over 10 times since 2020 But there will need to be an OBR forecast this autumn (defined in legislation) This review will be better with more time 1/ pic.twitter.com/W6QcwpLAgT — Chris Giles (@ChrisGiles_) August 22, 2022 But any suggestion (there hasn’t been any so far AFAIK) that Liz Truss wants to go back to the days of the Treasury complaining about forecasts rather than having independent oversight would be a bad move It could, of course, redefine its view of fiscal responsibility — Chris Giles (@ChrisGiles_) August 22, 2022
Thatcher’s former policy chief accuses Truss of a “complete loss of confidence” in her economic plans
Good morning. Two weeks today the Conservative Party will announce the winner of the leadership contest and the person who will become the next prime minister and it looks increasingly certain that it will be Liz Truss. But with Truss’s premiership looking increasingly likely, scrutiny of her plans is intensifying and this morning the Rishi Sunak camp has deployed a former chief policy adviser to Margaret Thatcher to support her (well-known) claim that her plans they do not add up. Brian Griffiths – now Lord Griffiths of Fforestfach – was head of the policy unit at No 10 between 1985 and 1990. He is quoted in a press release from the Sunak camp responding to a report saying that “Whitehall officials who have been in contact with the group Truss says she does not plan to ask the independent Office for Budget Responsibility (OBR) to make a formal forecast of the public finances’ ahead of her planned emergency budget, which is tentatively scheduled for September 21. Commenting on this, Griffiths said: The Bank of England’s doomy outlook for the economy contrasts with Liz’s optimism – to prevent the OBR now from doing a proper analysis of the facts seems to show a complete loss of confidence in the policy it supports. The press briefing from the Sunak camp also says Truss has already promised £61.5bn of unfunded tax cuts and spending pledges. Referring to an article by Kwasi Kwarteng in the Mail on Sunday yesterday, in which Kwarteng (a Truss ally tipped to be the next chancellor) said Truss would provide more help to people with the cost of living, a Sunak spokesman said the Truss wanted to avoid OBR scrutiny because he knew it would be impossible to deliver tax cuts and help with energy bills on the scale he had promised without “increasing borrowing to historic and dangerous levels, putting public finances at serious risk and plunging the economy into an inflationary spiral.” . In response, a Truss spokesman said her plans were “sensible” and that: “We need a new approach to the economy, we need to challenge the failed economic orthodoxy and we need to deliver the necessary reform to tackle inflation and achieve sustainable growth ». I will be posting more about this series soon. Matt Hancock, the former health minister and Sunak supporter, was asked in an interview with Today. Boris Johnson is back from holiday this week and there are two items in the calendar today that may be of interest. 11.30am: Downing Street holds its weekly briefing in the lobby. After 12pm: Rishi Sunak interviews Vanessa Feltz on Radio 2. Keir Starmer is also visiting London this morning, where he will promote Labour’s plans for a massive home insulation programme. I’m trying to follow the comments below the line (BTL) but it’s impossible to read them all. If you have a direct question, include “Andrew” somewhere and I’m more likely to find it. I try to answer questions and if they’re of general interest I’ll post the question and answer above the line (ATL), though I can’t promise I’ll do it for everyone. If you want to get my attention quickly, it’s probably best to use Twitter. I’m on @AndrewSparrow. Alternatively you can email me at [email protected] Updated at 10.06 BST
