Liz Truss’s rejection of windfall tax ‘to saddle UK with debt for decades’

Bill could be higher than cost of bank bailout after 2008 financial crash, expert warns

Andrew Woodcock
Political Editor
Thursday 08 September 2022 00:18 BST
Liz Truss questioned on energy price freeze ahead of 'very difficult winter'

Sterling plunged to its lowest level against the dollar in 37 years as experts warned Liz Truss’s plan to ease the cost of living crisis without taxing energy firms could saddle Britons with debt for decades.

Markets appeared to be rattled by the new prime minister’s decision to borrow to pay the £100bn-plus needed to keep lights and heating on this winter.

Low-pay think tank the Resolution Foundation warned the eventual cost of the energy crisis could even outstrip the £137bn bailout of banks following the 2008 financial crash.

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