Liz Truss emergency budget could take ‘weeks’ if she becomes PM despite crisis

A key ally of Liz Truss has admitted it could be “a matter of weeks” before she presents an emergency budget – despite the foreign secretary previously vowing to slash taxes from “day one” if she enters No10.

The Northern Ireland secretary Brandon Lewis made the remark as Keir Starmer piled pressure on Ms Truss and her rival Rishi Sunak to act immediately on surging energy bills and freeze the pay cap.

Appealing to the Tory grassroots as she launched her leadership bid last month, the frontrunner in the contest to succeed outgoing PM Boris Johnson said she should would “act on tax from day one” in No 10.

“In an emergency budget, I will provide immediate help with the cost of living by reversing the rise in national insurance and suspending the green levy on energy bills,” she said.

In an article for the Daily Telegraph, Ms Truss added: “Under my leadership, I would start cutting taxes from day one to take immediate action to help people deal with the cost of living”.

But speaking on LBC radio on Monday, Mr Lewis, a Tory cabinet minister and supporter of the foreign secretary, said of an emergency budget: “I know she’ll be looking do that within a matter of weeks of becoming prime minister if she’s in that fortunate position”.

The cabinet minister argued the underlying mission of her premiership will be a low tax economy with growth to ensure people having money in their pockets.

He said: “This is something that is affordable within the headwind we’ve got – to go beyond that, obviously, does need an emergency budget and that’s the work that’s going on at the moment”.

So far, Ms Truss has vowed to reverse April’s national insurance hike, temporarily suspend green levies on energy bills and scrap a planned hike in corporation tax. Despite rallying against “handouts” earlier this month, the cabinet minister has said she would consider “targeted help” for struggling Brits.

Mr Lewis was also forced to deny the Conservatives were “taking a kicking” from Labour after Mr Starmer outlined a £29 billion energy plan to ensure families do not “pay a penny more” for bills this winter.

Vowing to freeze the current price cap – currently £1,971 – he told The Mirror that “millions of people are really worried”, but faced criticism from the left after dismissing calls for nationalisation.

According to a snap poll three-quarters of Tory voters back Labour’s plan to freeze energy bills just days before the energy regulator Ofgem announces the new pay cap.

Polling by YouGov found this includes 75% of voters who backed the Conservatives at the last General Election.