Liz Truss submits UK's application to join the CPTPP
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Chancellor Sunak has been leading the UK’s economic response the coronavirus pandemic and this week announced the budget to get Britain back onto the road to recovery. Meanwhile, International Trade Secretary Liz Truss has been tasked with striking post-Brexit trade deals and has already reached more than 60 agreements with nations around the world. Today, Express.co.uk is asking which of these cabinet ministers would make a better Prime Minister? Vote and leave your opinions in the comments section below.
The Chancellor has thrown everything at supporting the UK economy through the pandemic – with Government spending reaching £407billion.
Millions of employees and thousands of employers have been supported through the Job Retention Scheme.
Since the start of the pandemic, 11.3 million Britons have claimed furlough – which pays 80 percent of an individual’s wages up to £2,500 per month.
Families on the lowest income have seen Universal Credit payments increased by £20 per week, households have been granted mortgage holidays and school children given free school meals outside of term time, following a number of U-turns.
Struggling firms have also been helped out in a variety of ways, including government loans and business rates relief.
Mr Sunak also introduced innovative ways to help both families and businesses, such as the Eat Out To Help Out scheme – which slashed the price of restaurant meals by 50 percent.
The Chancellor announced a further £65bn in coronavirus support in the budget last Wednesday, and repeated his message of doing “whatever it takes”.
But, he acknowledged the Treasury needed clawback funds and confirmed widespread freezes to income tax thresholds from April until 2026, and an increase in corporation tax to 25 percent in 2023.
Britain finally left the European Union at 11pm on December 31, 2020 and is now free to strike trade agreements with the rest of the world.
Ms Truss has since secured agreements with 65 countries plus the European Union, which is made up of 27 member states.
The trade agreements, which includes deals with Canada and Japan, are worth £890billion to the UK economy, according to the Department for International Trade.
Ms Truss is also leading ongoing trade discussions with economic powers, such as Australia, New Zealand, India and the US.
Britain has also applied to join the lucrative Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).
The trading bloc is made up of 11 nations, they are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
Last year, trade between the UK and the 11 member countries was worth more than £111bn and has grown on average of eight percent each year since 2016.
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The market is made up of 500 million people and represents 13 percent of global GDP – rising to 16 percent if the UK formally joins.
Rishi Sunak is currently the favourite to become the next Prime Minister, according to the bookmakers.
Coral has the Chancellor at odds of 5/2 to land the top job – ahead of Labour leader Sir Keir Starmer who is at 3/1.
Michael Gove is at 8/1, Jeremy Hunt 10/1 and Dominic Rabb 16/1.
Liz Truss is currently sixth on the list at 20/1 followed by Matt Hancock at 25/1.
Coral’s Harry Aitkenhead said: “Rishi Sunak is the favourite in our market for who the next Prime Minister after Boris will be, with the chancellor having impressed many with his spring budget recently.
“After the Labour leader, it’s Gove and Hancock who follow, whilst Liz Truss the shortest odds of any female MP.”
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