Liz Truss 'plans 5% VAT cut' to ease cost of living crisis if elected PM

Liz Truss would consider five percent VAT cut to ease the cost of living crisis.

It is understood that Ms Truss, who is the favorite to win the Tory leadership race to become the new Prime Minister on September 5, discussed the move with his advisers as part of a series of measures to offset soaring energy bills, reports The Telegraph.

If she wins the competition, it is understood that the Treasury will present Ms Truss with a number of options, including a 2.5% or 5% reduction in VAT, compared to the standard rate 20%.< /p>

The plans are said to be based on Gordon Brown's decision to reduce VAT from 20% to 17.5% in December 2008 following the global financial crash.

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