Liz Truss, the Secretary of State for Foreign, Commonwealth and Development Affairs, has promised to cut value-added tax (VAT) by 5% if she wins the race to become the United Kingdom’s next prime minister. If she delivers on her promise, this will be the biggest VAT cut in the country’s history and it will provide solid support for millions of UK households. A 5% cut in VAT could save an average UK household up to £1,300 ($1,525) a year.
Liz Truss has discussed the possibility with her allies. The final decision on financial support will be made if she is elected prime minister. Earlier, the foreign secretary warned that energy woes are long-term problems. If people think that the issue can be solved within six months, they are wrong, Truss said.
