Rishi Sunak has criticised Liz Truss’ plans for tax cuts ahead of their next live TV debate on Thursday evening.
The former chancellor said his rival in the race to be leader of the Conservative Party and Prime Minister would further drive up interest rates and increase mortgage payments with her plans. His warning came as the Bank of England was forecast to raise interest rates to the highest level in nearly three decades on Thursday, from 1.25% to 1.75%.
A Bank of England announcement is scheduled for midday, with experts warning that inflation could peak at 15%, worsening the already painful cost-of-living crisis. Meanwhile, the pair are also due to face off in a head-to-head debate on Sky News at 8pm on Thursday.
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