In his latest pitch to Conservative Party members, the former chancellor claims a 20% cut would be “the biggest income tax cut for 30 years”. Mr Sunak says it will be funded by “additional tax revenue arising from projected economic growth”, promising not to raise public debt to cover the cost. And it also pledges to “drive greater efficiency and reform” in government to deliver better value for money. Politics Hub: Truss wins major backers, but Sunak insists someone has to play Speaking as party members begin receiving their ballots for the final leadership vote, Mr Sunak said his plan was “radical” but “realistic” and stuck to his “core principles” on the economy. “First, I will never cut taxes in a way that just raises inflation,” he said. “Secondly, I will never make promises I cannot pay for. And third, I will always be honest about the challenges we face. “Because to win this leadership contest without leveling with the world about what comes next would not just be dishonest – it would be an act of self-sabotage that condemns our party to defeat at the next general election and sets us on a long opposition period. “ In an apparent jab at his rival, Liz Truss, the former chancellor added: “There is no more serious choice than the one Conservative members now face: deciding who will lead our country at home and abroad through difficult times. “As they approach this decision, I would urge them to approach any vision that doesn’t involve difficult trade-offs with caution and remember that if something sounds too good to be true – it probably is.” Use Chrome browser for more accessible video player 1:40 Rishi Sunak has maintained his focus on tackling inflation throughout the competition Taxation was the main dividing line in the contest between Mr Sunak and Ms Truss to become prime minister. She has outlined £30bn of tax cuts if she were to take office, including scrapping a proposed rise in corporation tax and reversing the government’s rise in national insurance. Mr Sunak and a number of economists claimed such action would drive the UK’s current record high inflation even higher. But Ms Truss claims her plan would “raise tax revenue as the economy grows”, accusing the former chancellor of policies that “stifle growth by raising taxes” to a 70-year high. A source from her campaign team accused Mr Sunak of taking “another U-turn on tax cuts” after announcing he would cut VAT on energy bills, but said while it was “welcome” it was “a shame he didn’t this. as chancellor when he repeatedly raised taxes’. They added: “Unfortunately this is a ‘jam tomorrow’.” People need tax cuts in seven weeks, not seven years. It has also made it dependent on growth first – knowing full well that corporate tax increases are contractionary. “The public and members of the Conservative Party can see through these flip-flops and twists.” Read more: Rishi Sunak pledges £10 fine for patients who miss doctor’s appointments as Liz Truss pitches herself as ‘education prime minister’ Huge blow to Rishi Sunak as former rival backs Liz Truss Use Chrome browser for more accessible video player 0:27 Foreign Secretary Liz Truss launched her campaign promising tax cuts Her approach has proved popular with members, a first in the polls, as well as the support of key party figures at the weekend – Defense Secretary Ben Wallace and former leadership hopeful Tom Tugendhat. But the Sunak team insists it is still “all to play for” and the race has “only just begun”, pointing to a Savanta ComRes poll of local Tory councilors showing just a 2% gap between the latter two. In her latest policy, Ms Truss will pledge to “liberate British agriculture to boost our food security”. On a visit to the South West of England today, she will promise to remove “burdensome EU regulations and red tape” to help “productivity overload”. And he will commit to a short-term expansion of the government’s seasonal worker program to secure the staff needed by farmers and growers, as well as work with industry to address long-term skills shortages. “The pandemic and the cost of living crisis have shown that it is more vital than ever for us to ensure we have a high-quality and affordable supply of British food,” Ms Truss said. “As a former Minister for Environment, Food and Rural Affairs, I understand the challenges facing farmers and can trust me to make the changes they need.” Conservative members will start receiving their voting papers today and will be the only people who will have a say in whether Mr Sunack or Ms Truss enters number 10 as the UK’s next prime minister. They will have until September 2nd to vote and the winner will be announced on September 5th. The new prime minister is then expected to replace Boris Johnson the following day.
