UK's Liz Truss considers 5% cut on VAT if she becomes PM
Conservative leadership candidate Liz Truss speaks at a hustings event, part of the Conservative party leadership campaign, in Leeds, Britain July 28, 2022. REUTERS/Henry Nicholls
British foreign secretary Liz Truss, the frontrunner to succeed Boris Johnson as prime minister, is considering cutting value added taxes (VAT) across the board by 5% to address a cost-of-living crisis, the Telegraph reported on Saturday.
The plan is being considered as a "nuclear" option, the Telegraph quoted an unnamed source as saying, with other options being considered include a 2.5% cut in VAT, from the current standard rate of 20%.
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