Today, Liz Truss claimed that escalating energy costs are a “price worth paying” to defeat Vladimir Putin, as she vowed to carry forward with ‘unpopular’ economic measures.
The Prime Minister, who is in New York for the United Nations General Assembly, made it plain that ‘long-term security’ against Russia takes precedence above the immediate affliction of rising gas prices.
And she adopted a combative stance ahead of a mini-Budget to be delivered by Kwasi Kwarteng on Friday, implying that she will disregard opponents and abandon the impending company tax increase and bonus cap for City workers.
She told media, “Not every policy will be popular, and there will always be vested interests, individuals who oppose policies that encourage economic growth.”
“But what is crucial to me and the Chancellor is that people have more chances, there is more investment, and there are higher-paying jobs. And we are willing to make this case. This pertains to increasing the size of the pie.
Liz Truss, who is in New York for the UN general assembly, emphasized that ‘long-term security’ against Russia takes precedence above the immediate affliction of escalating gas prices.
Truss emphasized that the rising cost of energy is a “price worth paying” to battle Vladimir Putin (pictured in Moscow today)
Further, Ms. Truss stated, “There is no doubt in my mind that lower taxes contribute to economic growth.”
“Of course, there are other measures we must take to stimulate economic growth. During the campaign, I advocated for accelerating the implementation of growth projects, the repair of mobile broadband, and the economic arteries – we must do the same.
‘However, having the highest taxes in 70 years and increasing corporation tax at a time when we’re trying to attract investment to this country would not produce growth.’ We must remain competitive.
The prime minister has already announced a mind-bogglingly expensive scheme for the government to fund in order to freeze the average yearly household expense for two years at £2,500.
As Europe strives to lessen its reliance on Russia’s fossil fuels, international gas prices have skyrocketed, and Putin’s decision to shut down the Nord Stream gas pipeline has aggravated the situation.
Ms. Truss told reporters accompanying her to a United Nations session in New York that the United Kingdom “cannot jeopardize our security for cheap energy.”
She said, “The point I’m making is that it’s a price worth paying for Britain, as our long-term security is important.”
But what I don’t want is for that to be passed on to bill-payers beyond the energy guarantee I’ve outlined, as I don’t believe that’s fair.
Ms. Truss struck a combative tone in front of Friday’s mini-Budget announcement by Kwasi Kwarteng (pictured).
As the EU instructs member states to reduce consumption in winter, French President Emmanuel Macron has advocated a 10% decrease in energy consumption over the coming months.
In the upcoming difficult months, however, Ms. Truss leaves it up to consumers to decide if they choose to reduce their heating and other energy consumption.
“No, we are not discussing energy rationing,” she told reporters.
‘Of course, I always favor energy efficiency measures such as house insulation, which makes sense given that energy costs have increased.
There is a huge incentive for businesses and households to invest in energy efficiency, but we also have reliable energy supply. In the end, though, everyone decides for themselves how they will proceed.