LONDON (Reuters) – Liz Truss, a favorite candidate to be Britain’s next prime minister, said on Friday she would reform the economy and keep taxes low as she acknowledged a “tough winter” awaits the country.

“The most important thing is to make the economy work to avoid a recession. And the usual policies are not working. We need to do more and that is why I am determined to reform the economy and keep taxes low,” Truss told reporters.

Foreign Minister Truss faces former finance minister Rishi Sunak to win the votes of 200,000 Conservative Party members who, by September 5, will choose a replacement for Boris Johnson, forced to resign after a series of scandals.

Truss made the remarks as he tried to woo executives at a meeting in London’s financial district, promising to reform legacy banking legislation from the European Union.

“I’m here today talking about how we can change our investment rules, Solvency II, which is an old EU rule – replace that – so we can boost investment across the country,” she said.

(Reporting by William James)


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