Britain's Conservative Party leadership candidate Liz Truss.
The Bank of England said on Thursday that Britain faces a protracted recession as energy price-driven inflation squeezes household budgets. Tackling that crisis in the economy will fall to Truss or Sunak in a month’s time. She said the government’s decision to raise the tax burden to the highest level since the 1950s was to blame for pushing the economy towards a recession.
“You simply can’t tax your way to growth. I’m afraid that the taxes we have at the moment, a 70-year high, are likely to lead to a recession.”
Banks Are Bankrupt 💥
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