UK prime minister hopefuls feud over tax and spending plans

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LONDON, July 26 — The final two candidates in the race to succeed British Prime Minister Boris Johnson clashed yesterday in a televised debate, during which they tore into each other’s tax and spending plans.Foreign Secretary Liz Truss, the bookmakers’ favourite to win the Conservative Party leadership election, told former finance minister Rishi Sunak his emphasis on balancing the government’s books would tip the economy into recession.“Crashing the economy in order to pay a debt back quicker would be a massive mistake,” Truss said.Sunak, whose resignation from government earlier this month set in motion Johnson’s downfall, said Truss’s plan to cut taxes was nothing more than a “sugar rush” for the economy that would be followed by a crash.The final stretch of a weeks-long contest has pit Sunak, a former Goldman Sachs banker who has raised the tax burden towards the highest l…