British foreign secretary Liz Truss, the front-runner to succeed Boris Johnson as prime minister, is considering cutting value added taxes (VAT) across the board by 5% to address a cost-of-living crisis, the Telegraph reported on Saturday.

The plan is being considered as a "nuclear" option, the Telegraph quoted an unnamed source as saying. Other options being considered include a 2.5% cut in VAT, from the current standard rate of 20%.