UK's Liz Truss pledges tax-cutting future in landmark speech plagued by protest and political infighting - CNBC

LONDON — British Prime Minister Liz Truss insisted Wednesday that cutting taxes was "the right thing to do morally and economically," doubling down on a series of debt-funded economic reforms that have sparked in-party fighting and market turmoil.

Speaking at the Conservative Party Conference, Truss said she was determined to "level up our country in a Conservative way" in an effort to unite MPs around her tax-cutting plans and shore up her dwindling authority.

"Cutting taxes is the right thing to do morally and economically," Truss said, adding that the Conservative Party "will always be the party of low taxes.".

"Cutting taxes helps up face the global economic crisis, putting up a sign that Britain is open for business," she said in her first conference speech as Conservative Party leader.

The leader of the House of Commons, Penny Mordaunt, who ran against Truss during this summer's Tory leadership contest, said Tuesday that she supported benefits "keeping pace with inflation," joining a chorus of MPs who have warned that cuts could spur a party rebellion.

Britain's opposition Labour Party was seen as having a 33-point lead over the Conservative Party on Thursday, days before the Conservative Party Conference, according to a YouGov poll.

The prime minister herself has argued the cuts will spur growth at the top end of the economy, with knock-on effects across society.