UK PM hopeful Liz Truss vows to reform economy, keep taxes low

Liz Truss, the front-runner to be Britain's next prime minister, said on Friday that she would reform the economy and keep taxes low as she acknowledged a "tough winter" awaited the country. "The most important thing is getting the economy going so we avoid a recession.

Liz Truss, the front-runner to be Britain's next prime minister, said on Friday that she would reform the economy and keep taxes low as she acknowledged a "tough winter" awaited the country.

"The most important thing is getting the economy going so we avoid a recession. And the business-as-usual policies aren't working. We need to do more and that's why I'm determined to reform the economy and keep taxes low," Truss told reporters. Foreign Minister Truss is up against former finance minister Rishi Sunak to win the votes of 200,000 members of the Conservative Party who will by Sept. 5 choose a replacement for Boris Johnson, forced to resign after a series of scandals.

Truss was speaking as she tried to woo city executives at a meeting in London's financial district by promising to reform banking legislation inherited from the European Union. "I'm here in the city today talking about how we can change our rules on investment, Solvency II, which is an old EU rule - replace that - so we can turbocharge investment across the country," she said.