Liz Truss is considering the ‘nuclear’ option of a five per cent VAT cut

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In France, ministers pledged on Saturday to maintain electricity price caps that prevent energy companies from increasing by a maximum of four percent next year to protect households from spiraling rates.

Ms Truss’s campaign began making plans for her “Emergency budget”but a source close to her said on Saturday night that “it wouldn’t be right for her to announce her plans before she’s even been elected prime minister or seen all the facts”.

She is understood to have changed her mind after her initial statement there would be no “handouts” under her leadership and plans to appoint an economic adviser to Number 10 to help tackle the cost of living crisis.

“They were saying three weeks ago that we need to target everything much more and it needs to be more precise – it can’t be a comprehensive approach,” said a source familiar with her team’s discussions.

“But they just don’t have time for that. People will begin to fail from the moment she takes over.”

Writing for The TelegraphRobert Jenrick, the former housing minister, said he was “the first cabinet minister to raise the threat of inflation in 2020” and urged the new prime minister to “recognise the relationship between energy, power and geopolitics as great Western leaders once did “.

Despite supporting Mr. Sunak in the Tory leadership raceMr Jenrick has been tipped as a potential minister in Mrs Truss’s government if she wins.

A finance ministry spokesman said the government was making “the necessary preparations to ensure the new government has the ability to provide additional support as quickly as possible, adding: “Until the new prime minister makes any major fiscal decisions.”

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