London Daily

Focus on the big picture.
Wednesday, May 13, 2026

UK Leadership Hopeful Liz Truss Downplays Prospect Of Recession

UK Leadership Hopeful Liz Truss Downplays Prospect Of Recession

Liz Truss argued that the UK should create the economic conditions to produce "the next Google or the next Facebook".

Tory leadership favourite Liz Truss downplayed Sunday the prospect of a UK recession, while the man tipped to be her finance minister vowed "help is coming" over the soaring cost of living.

Truss, the frontrunner in polls to beat rival Rishi Sunak and become Britain's next prime minister, pledged in an interview to lead a "small business and self-employed revolution" if in power.

"There is too much talk that there's going to be a recession," Truss told The Sun on Sunday tabloid.

"I don't believe that's inevitable. We can unleash opportunity here in Britain."

She argued that the UK should create the economic conditions to produce "the next Google or the next Facebook".

"It's about that level of ambition," Truss added.

In a separate interview with the Mail on Sunday, Business Secretary Kwasi Kwarteng -- who is expected to head the finance ministry in Truss's government -- said he understood the "deep anxiety" sweeping Britain as decades-high inflation bit.

"But I want to reassure the British people that help is coming," he added, telling the paper that work had started on "the best package of measures" to allow the next prime minister to "hit the ground running".

Either Foreign Secretary Truss or ex-finance minister Sunak will replace outgoing leader Boris Johnson after the result of the summer-long contest is announced on September 5.

The victor, set to formally take power the next day, faces a daunting challenge, with the Bank of England predicting a recession later this year as well as continued rising prices.

Truss has vowed immediate tax cuts rather than direct financial handouts to help people struggling to pay their surging bills, drawing stinging criticism from Sunak, his allies and others.

Gove backs Sunak


On Saturday, senior UK Conservative lawmaker Michael Gove accused her of taking a "holiday from reality" with the tax-slashing plans amid the cost-of-living crisis.

Gove, who has held a raft of cabinet roles and previously stood to be Tory leader, instead endorsed Rishi Sunak for the top job.

"I am deeply concerned that the framing of the leadership debate by many has been a holiday from reality," Gove said in an article in the The Times newspaper.

"The answer to the cost-of-living crisis cannot be simply to reject further 'handouts' and cut tax."

He added Truss' plans to reverse a recent rise in national insurance taxes earmarked for the health and social care sector "would favour the wealthy", while slashing corporation tax would help "big businesses, not small entrepreneurs".

"I cannot see how safeguarding the stock options of FTSE 100 executives should ever take precedence over supporting the poorest in our society, but at a time of want it cannot be the right priority," Gove said.

The 54-year-old, who previously supported the right-wing lesser known MP Kemi Badenoch in the leadership race before it narrowed to the final pair, said he now backed Sunak.

"I know what the job requires. And Rishi has it," he added.

Gove -- who until July led the government's department for levelling up, housing and communities, and has previously led the education and justice ministries -- indicated he was not likely to take on another role.

"I do not expect to be in government again. But it was the privilege of my life to spend 11 years in the cabinet under three prime ministers," he added.

Newsletter

Related Articles

0:00
0:00
Close
The Great Western Exit: Why Best Citizens Are Fleeing the Rich World [PODCAST]
The New Robber Barons of Intelligence: Are AI Bosses More Powerful Than Rockefeller?
The End of the Old Order [Podcast]
Britain’s Democracy Is Now a Costume
The AI Gold Rush Is Coming for America’s Last Open Spaces [Podcast]
The Pentagon’s AI Squeeze: Eight Tech Giants Get In, Anthropic Gets Shut Out [Podcast]
The War Map: Professor Jiang’s Dark Theory of Iran, Trump, China, Russia, Israel, and the Coming Global Shock [Podcast]
Labour Is No Longer a National Party [Podcast]
AI Isn’t Stealing Your Job. It’s Dismantling It Piece by Piece.
Lawyers vs Engineers: Why China Builds While America Litigates [Podcast]
Churchill’s Glass: The Drunk, the Doctor, and the Myth Britain Refuses to Sober Up From
Apple issues an unusual warning: this is how your iPhone can be hacked without you doing anything
Kennedy’s Quiet War on Antidepressants Sparks Alarm Across America’s Medical Establishment
The Met Gala Meets the Age of Billionaire Backlash
Russian Oligarch’s Superyacht Crosses Hormuz via Iran-Controlled Route
Gunfire Disrupts White House Correspondents’ Dinner as Trump Is Evacuated
A Leak, a King, and a Fracturing Alliance
Inside the Gates Foundation Turmoil: Layoffs, Scrutiny, and the Cost of Reputational Risk
UK Biobank Breach Exposes Health Data of 500,000, Listed for Sale on Chinese Platform
KPMG Cuts Around 10% of US Audit Partners After Failed Exit Push
French Police Probe Suspected Weather-Data Tampering After Unusual Polymarket Bets on Paris Temperatures
CATL Unveils Revolutionary EV Battery Tech: 1000 km Range and 7-Minute Charging Ahead of Beijing Auto Show
Crypto Scammers Capitalize on Maritime Chaos Near the Strait of Hormuz: A Rising Threat to Shipping Companies
Changi Airport: How Singapore Engineered the World’s Most Efficient Travel Experience
Power Dynamics: Apple’s Leadership Shakeup, Geopolitical Risks in the Strait of Hormuz, and Europe's Energy Strategy Amidst Global Challenges
Apple's Leadership Transition: Can New CEO John Ternus Navigate AI Challenges and Geopolitical Pressures?
Italy’s €100K Tax Gambit: Europe’s Soft Power Tax Haven
News Roundup
Microsoft lost 2.5 millions users (French government) to Linux
Privacy Problems in Microsoft Windows OS
News roundup
Péter András Magyar and the Strategic Reset of Hungary
Hungary After the Landslide — A Strategic Reset in Europe
Meghan Markle Plans Exclusive Women-Focused Retreat During Australia Visit
Starmer and Trump Hold Strategic Talks on Securing Strait of Hormuz Amid Rising Tensions
Unofficial Australia Visit by Prince Harry and Meghan Expected to Stir Tensions with Royal Circles
Pipeline Attack Cuts Significant Share of Saudi Arabia’s Oil Export Capacity
UK Stocks Rise on Ceasefire Momentum and Renewed Focus on Diplomacy
UK to Hold Further Strategic Talks on Strait of Hormuz Security
Starmer Voices Frustration as Global Tensions Drive Up UK Energy Costs
UK Students Voice Concern Over Proposal for Automatic Military Draft Registration
Rising Volatility Drives Uncertainty in UK Fuel and Petrol Prices
UK Moves to Deploy ‘Skyhammer’ Anti-Drone System to Strengthen Airspace Defense
New Analysis Explores UK Budget Mechanics in ‘Behind the Blue’ Feature
Man Arrested After Four Die in Channel Crossing Tragedy
UK Tightens Immigration Framework with New Sponsor Rules and Fee Increases
UK Foreign Secretary Highlights Impact of Intensified Strikes in Lebanon
UK Urges Inclusion of Lebanon in US-Iran Ceasefire Framework
UK Stocks Ease as Ceasefire Doubts in Middle East Weigh on Investor Confidence
UK Reassesses Cloud Strategy Amid Criticism Over Limited Support Measures
×