The foreign secretary’s allies confirmed she would hold a “fiscal event” if she wins the Tory leadership contest rather than a full budget yesterday. The move avoids having to commission projections from the Office for Budget Responsibility, which critics said would show a huge spike in borrowing under her plans. Truss’s allies insisted that despite downgrading her plans, she would still use the budget event to implement tax cuts and help with the cost of living. He is expected to use the budget event to reverse national insurance rises, scrap green levies on energy bills
