Liz Truss ponders VAT cut of 5 percentage points amid cost of living crisis

Tory leadership frontrunner understood to have discussed move, with final decision coming after contest ends

Liz Truss is considering whether to reduce VAT by five percentage points across the board, which could save families 1,300 a year, it was reported.

The foreign secretary is understood to have discussed the move with her advisers but no final decisions will be taken until the Conservative leadership contest concludes on 5 September, according to the Sunday Telegraph.