Latest from Liz Truss vs. Rishi Sunak: Tory leadership candidate insists recession isn’t inevitable

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Truss says recession ‘not inevitable’ despite Bank of England warning

Liz Truss and Rishi Sunak clashed over their economic policies during the Sky News Number 10 battle last night, in which the Foreign Secretary insisted the Bank of England’s forecast was worrying but that a recession was not inevitable.

“What the Bank of England said today is of course extremely worrying, but it is not inevitable. We can change the outcome and make it more likely that the economy will grow,” Ms Truss said.

She said she wanted to keep taxes low and “do whatever we can to grow the economy by taking advantage of our post-Brexit freedom, freeing up investment, changing things like procurement rules and doing things differently.”

On the other hand, the former Chancellor slammed Ms Truss’ economic plan, saying it would make the dire economic situation worse, warning of ‘misery for millions’ by pouring ‘fuel on the fire’.

He said: “We in the Conservative Party need to be realistic and quick because the lights in the economy are flashing red and the root cause is inflation.

“I’m afraid Liz Truss’ plans will make the situation worse.”

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Johnson and Zahawi on vacation amid financial gloom

Boris Johnson and Chancellor Nadhim Zahawi are on vacation despite warnings of another spike in inflation and the economy sliding into the longest recession since the financial crisis.

As ministers fade as the Conservative Party grapples with the leadership race, both men were absent from Westminster when the Bank of England detailed the stark outlook.

Labor accused the chancellor and prime minister of being ‘missing’ as the cost of living crisis deepened further, with the Bank predicting inflation could peak at 13.3%.

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Rishi Sunak swears he won’t shy away from favorite Liz Truss

Rishi Sunak has insisted there will be no points where he stands apart from Tory leadership rival Liz Truss, despite multiple polls putting the Foreign Secretary clearly ahead of the ex-chancellor.

Mr Sunak insisted he would ‘fight incredibly hard until the last day’ of the leadership campaign, telling a Conservative party member in the audience that ‘the quick answer is no’ when he was asked if there was a time when he would step down in the race to be leader.

He said he’s “fighting for something I really believe in and wants to ‘try to convince you all that I’m right’.

Liz Truss, Kay Burley and Rishi Sunak ahead of Sky News special

(PENNSYLVANIA)

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Key moments from Truss and Sunak’s debate

Skeletons in their closets and clashes over their economic policies as the Bank of England warns of a long recession, Liz Truss and Rishi Sunak discussed a range of topics at length during their latest televised debate.

Both Tory leadership candidates took part in Sky News’ The Battle for Number 10 on Thursday night, which saw them answer questions from party members separately.

They were also both interviewed by Sky News presenter Kay Burley.

Here are the key points made during the 90-minute televised event:

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What did the Bank of England say about the recession?

As the Tory candidates clash over their economic policies, read what the Bank of England has to say about a possible recession from our chief economic commentator James Moore.

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Voice: The surprise winner of Tory TV’s last battle was not Truss – but Sunak

As Coleen Rooney might tell, the big reveal of the Sky News premier’s double header was that the winner was………. Rishi Sunak. Presenter Kay Burley said, betraying neither more nor less than the received ideas of the media, “I did not expect that”.

Maybe the day Bank of England predicts one-year recession and 13% inflation, Conservative members are beginning to realize that they probably need someone to lead them and have a passing knowledge of economics? I wonder.

Read this from Sean O’Grady on yesterday’s Conservative debate here:

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Business leaders’ concern over Liz Truss’ plan to bonfire EU regulations

Business leaders have expressed concern over Liz Truss’ plans for a Brussels regulatory bonfire, after saying cutting EU bureaucracy would be ‘a priority’ in the fight against the expected recession , writing Andre Bécasse.

Speaking ahead of a business roundtable on Friday, the favorite to succeed Boris Johnson announced plans for a task force of industry leaders to help draw up new UK-only regulations in time for a “deadline” of 2023 for the abolition of the EU. -derivative laws which, according to her, slow down the economy.

But the Institute of Directors has made it clear that deviating from EU rules was not a request from businesses facing a cost of living crisis which the Bank of England says could lead to higher inflation at 13% and five consecutive quarters of negative growth.

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Sunak says Truss’ plans would add fuel to recession fire

Rishi Sunak has accused Liz Truss of economic plans that would “add fuel to the flames” just hours after the Bank of England warned the UK was heading into a recession.

The former chancellor, who has argued that Ms Truss’ planned tax cuts are inflationary, told the Tory leadership debate hosted by Sky News: ‘I fear Liz Truss’ plans will make the situation worse “.

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Truss insists recession not inevitable despite BoE warning

Last night Sky News’ The Battle for Number 10’s Liz Truss insisted a recession is not inevitable when asked about the Bank of England’s forecast for an outright recession and inflation of 13%.

She told the studio audience: ‘What the Bank of England has said today is of course extremely worrying, but it is not inevitable. We can change the outcome and make the economy more likely to grow.

She said she wanted to keep taxes low and “do whatever we can to grow the economy by taking advantage of our post-Brexit freedom, freeing up investment, changing things like procurement rules and doing things differently.”

On the other hand, the former chancellor warned that Ms Truss’ plan would worsen the dire economic situation, warning of ‘misery for millions’ by pouring ‘fuel on the fire’.

He said: “We in the Conservative Party need to be realistic and quick because the lights in the economy are flashing red and the root cause is inflation.

“I’m afraid Liz Truss’ plans will make the situation worse.”

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