I was wrong on Brexit, admits Liz Truss as she insists she has ’embraced’ it

Asked if borrowing over £30billion would increase or decrease inflation, Ms Truss said: “My tax cuts will decrease inflation. We have had a consensus of the Treasury, of economists, of the Financial Times, of other outlets peddling a particular type of economic policy for 20 years. And it hasn’t delivered growth.

“[The Treasury] do have an economic orthodoxy and they do resist change. And what people in Britain desperately need now is change. We need to unleash investment in our country, we need to get the EU laws off our statute books and be attracting more funds from pension funds .”

She said her tax cuts would not be inflationary because the supply side of the economy would be increased: “It’s not a gamble, it’s an economic reality. The more taxes you have, the more growth you choke off.”

Ms Truss maintained she was “completely committed” to NHS spending pledges. “What is the gamble is what we are doing at the moment. People are struggling with the cost of living. It is wrong to be increasing their taxes.”

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