Truss promises ‘bold’ Conservative vision

She defeated rival Rishi Sunak by 81,326 votes to 60,399 to win the Tory leadership, and will replace Boris Johnson in No 10 today.

Ms Truss said Tory beliefs in freedom, low taxes and personal responsibility “resonate with the British people”.

“During this leadership campaign, I campaigned as a conservative and I will govern as a conservative,” she said.

“We need to show that we will deliver over the next two years.

“I will deliver a bold plan to cut taxes and grow our economy.

“I will deliver on the energy crisis, dealing with people’s energy bills but also dealing with the long-term issues we have on energy supply.”

She promised Tory members “we will deliver a great victory for the Conservative Party in 2024” suggesting she intends to call a general election in two years’ time.

Mr Johnson will depart No 10 today and Ms Truss will fly to Balmoral to meet the Queen for the formal handover of power.

She praised “my friend” Mr Johnson as she accepted her victory in the Tory leadership contest.

“Boris, you got Brexit done, you crushed Jeremy Corbyn, you rolled out the vaccine and you stood up to Vladimir Putin. You were admired from Kyiv to Carlisle.”

Ms Truss did not enjoy the support of the majority of MPs during the parliamentary stage of the contest, with former chancellor Mr Sunak coming out on top among fellow Tories.

And the 57% to 43% margin of victory, while comfortable, is still narrower than the last three Tory leadership contests that went to a vote.

As well as dealing with a daunting set of economic challenges, along with domestic and international political problems, Ms Truss will have to reunite a Tory party which has spent weeks indulging in blue-on-blue infighting.

She said it had been a “hard-fought campaign” that showed “the depth and breadth of talent” in the party.

Mr Sunak said the Tories were “one family” and “it’s right we now unite behind the new PM, Liz Truss, as she steers the country through difficult times”.

Labour leader Sir Keir Starmer said: “We’ve heard far more from the latest prime minister about cuts to corporation tax over the summer than we have about the cost-of-living crisis, the single most important thing that’s bearing down on so many millions of households.

“That shows not only that she’s out of touch, but she’s not on the side of working people.”

Liberal Democrat leader Sir Ed Davey called for a general election, saying: “Under Liz Truss, we’re set to see more of the same crisis and chaos as under Boris Johnson.”

The new PM-in-waiting’s hint at a general election in 2024 would be sooner than is required by law, which gives the last possible date for the next election as January 23, 2025.

A contest in the winter of 2024/25 would probably not appeal to most politicians, given it would mean campaigning during the Christmas period.

As such, an election at a slightly earlier date has always seemed the more likely outcome.

One option would be to hold the contest on the same day as the local elections on May 2, 2024. Polls are scheduled to take place on this date for local councils in England and Wales, along with mayoral elections in London, Greater Manchester, the West Midlands and Merseyside.

A general election on May 2 2024 means Liz Truss has only 20 months between taking office as prime minister and facing the voters, however.

Another option could be an election in early autumn 2024, shortly after Ms Truss has notched up two years in the job but before the clocks go back at the end of October.

Whatever she decides to do, she will need to act fast in order for her decisions to leave an impression on voters before polling day arrives.

Andrew Goodwin, chief UK economist at Oxford Economics, said: “Liz Truss’s term as UK prime minister will be defined by her response to the cost-of-living crisis.”

He said he expected Ms Truss to “quickly pivot towards making large direct payments to households”.

Mr Goodwin continued: “Tax cuts provide support more gradually than fiscal transfers would, and households’ need is urgent given they face very large increases in their bills in October, January, and potentially April as well.”

l Morning View, page 14