It appears the Chancellor is also looking to stimulate the economy through tax breaks for some regions and a reduction in stamp duty among other measures.
The Prime Minister insists her strategy is the right one to get the economy growing.
Time will tell whether that’s correct. Critics fear the worst of combinations – inflation and a recession.
Business is struggling. Brexit has created headaches for industry, the war in Ukraine has pushed energy prices higher and higher, while the costs of Covid are still being felt.
The nation is not as productive as it might be and our place in the world has become diminished in recent times.
Liz Truss is at least offering some kind of straight-talking clarity following the departure of Boris Johnson. We hope for the sake of the British economy that she has chosen the right path.
If she has not, the electorate will let her know. She only has two years to turn the ship around and put the nation in a better place. The Prime Minister says she is not afraid of making unpopular choices, and lifting the cap on bankers’ bonuses may well fall into that category at time when people are having to make tough choices between heating and eating.
Growth must come, and it must come quickly, if we are to turn the tide. We must hope the steps announced by the new Prime Minister herald the beginning of a brighter period.