Cost of living: Liz Truss promises action on cost of energy ‘within one week’ if she becomes Prime Minister

The frontrunner for the Tory leadership has promised action on cost of energy “within one week” of becoming Prime Minister.

Liz Truss is widely expected to replace Boris Johnson when the results are announced in the coming days.

She appeared on BBC’s Sunday with Laura Kuenssberg but she would not be drawn into specifics about which action she would take.

Truss Government will take action ‘within one week’

Asked if the UK is at a crisis point, Ms Truss said: “I think we face some very, very serious challenges.”

“We face very, very serious challenges, which will take immediate action from the Government,” she added.

Pressed on what action she will take, Ms Truss said she would act within one week.

She said: “If I’m elected as prime minister, within one week I will make sure there is an announcement on how we are going to deal with the issue of energy bills and of long-term supply to put this country on the right footing for winter.

“What I want to reassure people is I will act, if elected as prime minister, within one week. Now what I can’t do, Laura, on this show, is tell you exactly what that announcement would be. We still don’t know the outcome of this leadership contest. So, it would be completely wrong.”

Has Truss explained what action she would take?

Speaking to BBC’s Sunday with Laura Kuenssberg, Ms Truss said: “I will act if I’m elected as prime minister. I will act immediately on bills and on energy supply because I think those two things go hand in hand. We need to deal with the immediate problem, we need to help people. We need to help businesses. But we also need to sort out the supply issues.”

Repeatedly pressed on what form that action would take, Ms Truss said: “Before you have been elected as prime minister, you don’t have all the wherewithal to get the things done.

“So, this is why it will take a week to sort out the precise plans and make sure we are able to announce them. That is why I cannot go into details at this stage. It would be wrong. But what I want to be very clear about with the public is I understand that this is a huge problem.

“I understand people are worried and I want to reassure people that I am absolutely determined to sort out this issue as well as within a month, present a full plan for how we are going to reduce taxes, how we’re going to get the British economy going, and how we are going to find our way out of these very difficult times.”

Ms Truss added: “I’m not being coy. What I’ve been very clear about is that I would act immediately within a week. I understand what people are facing on energy bills.”

Truss says tax cuts will raise revenue

The Foreign Secretary told the Sunday with Laura Kuenssberg programme that she was focused on growth.

“To look at everything through the lens of redistribution, I believe, is wrong. Because what I’m about is about growing the economy and growing the economy benefits everybody,” she said as she summed up her economic philosophy.

Asked where billions of pounds of funding would be coming from, she insisted that cutting taxes would raise revenue.

Discussing her plans for corporation tax, she denied it was a gamble.

“This is about not raising a tax. Last time we cut corporation tax, we saw the revenues increase. So, I don’t agree with the proposition that this is static, that it’s just a certain amount of money will come into the Exchequer.

“What I know is that putting up tax on business is not going to attract more businesses to invest in this country.”