Alexander Temerko, the Ukrainian-born energy tycoon who has donated more than £1m to the Conservative Party, said that a tax cut would help companies survive the recession. He also backed a proposal by Ms Truss to scrap some green levies on energy bills.

He said: “I support Liz Truss’s proposals on reducing corporation tax and removing the green levy, but making sure it does not impact investment and deploment of renewable generation.

“Our economy is in between two serious dangers – the Covid pandemic behind us, and a looming recession in front. We have a short window of opportunity to stimulate our economy.

“Reducing corporation tax will help business, and provide a strong, positive message for investors; it is a policy that looks towards the future.”