But the ex-chancellor's pledge for the end of the next parliament is criticised as being too slow.
Rishi Sunak has said he will cut the basic rate of income tax from 20% to 16% by the end of the next parliament if he becomes prime minister.But supporters of his Tory rival Liz Truss have accused the ex-chancellor of a U-turn on the issue and said that people cannot wait for tax cuts.The winner of the leadership contest will be announced on 5 September, with Mr Sunak and Ms Truss competing for the No 10 job.
Supporters of Ms Truss said she would "cut taxes in seven weeks, not seven years", as she has pledged to scrap April's National Insurance rise, cancel a planned corporation tax rise and temporarilyIn announcing his latest tax policy, Mr Sunak emphasised the need to control inflation before cutting taxes, adding that doing so now would make the situation worse and "endanger people's mortgages".
"I don't think embarking on a spree of excessive borrowing at a time when inflation and interest rates are already on the rise would be wise," Mr Sunak said.Last week, Ms Truss "He has also made it conditional on getting growth first - knowing full well that his corporation tax rises are contractionary."Answering claims that he was "backstabber", a reference to his resignation from Boris Johnson's cabinet, Mr Sunak told the Today programme that there was a risk of fellow MPs looking back at the last few months with "rose-tinted glasses".
As ballot papers start dropping through the letterboxes of Conservative members, it's widely accepted that Liz Truss is ahead.But Rishi Sunak's team are adamant they are still in the race. Tory MPs I've spoken to in recent days highlight that many members are still making their minds up.
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