Liz Truss with Foreign Minister Yair Lapid
Liz Truss with Foreign Minister Yair LapidStuart Mitchell

British Foreign Secretary Liz Truss on Sunday night launched her leadership bid for the Conservative party, following the resignation of Prime Minister Boris Johnson.

In an article for The Telegraph announcing her candidacy, the Foreign Secretary signaled that she will cut corporation tax, reverse the National Insurance rise and overhaul business rates.

“I will fight the election as a Conservative and govern as a Conservative,” Truss wrote.

“Under my leadership, I would start cutting taxes from day one to take immediate action to help people deal with the cost of living,” she added.

Truss’ article contains her first public comments on a leadership bid since rushing back from a G20 summit in Indonesia, after Johnson resigned last Thursday.

“It isn’t right to be putting up taxes now. I would reverse the National Insurance increase that came in during April, make sure we keep corporation tax competitive so we can attract business and investment into Britain, and put the Covid debt on a longer-term footing,” she wrote.

“I will get the private sector growing faster than the public sector, with a long-term plan to bring down the size of the state and the tax burden,” added Truss.

Two other leadership candidates have also given their first interviews to The Telegraph and have issued promises to cut tax.

Penny Mordaunt, the trade minister, has promised to halve VAT on fuel and raise the income tax thresholds for basic and middle-earners in line with inflation.

Nadhim Zahawi, the Chancellor, said of tax cuts that “nothing is off the table” and signaled corporation tax and income tax could be reduced if he wins.

The announcement by Truss comes three days after Johnson announced that he will resign as Conservative party leader amid resignations by several of his ministers.

However, Johnson will remain in his position as prime minister until the fall, to allow for a new leadership contest to take place.

The Conservative party will hold elections for a new leader later this summer.

Another name that has come up as a possible replacement for Johnson is that of Grant Shapps, the Secretary of State for transport and the longest serving Jewish lawmaker in Johnson’s cabinet.