Cut would be paid for by economic growth but rival Liz Truss says it will come too late
Former Chancellor of the Exchequer Rishi Sunak, right and Foreign Secretary Liz Truss. T Photographer: Alastair Grant/Matt Dunham Copyright: Copyright 2022 The Associated Press. All rights reservedRishi Sunak pledged today to cut income tax by a massive four pence in the pound if he becomes prime minister, in a dramatic attempt to turn the Tory leadership contest around.
He says the £24bn-a-year cost will be funded from increased tax receipts taken by the Treasury through economic growth over the coming six years and pledges not to increase debt to pay for it.His campaign insists this is not a U-turn on tax, as he is sticking to his plans for no new tax cuts – beyond what he already planned as chancellor – while inflation continues to rise.
It also ratchets up the Conservative arms race on tax as both candidates try to win over 200,000 party members, who start voting for a replacement for Boris Johnson on Monday. “It is a radical vision but it is also a realistic one and there are some core principles that I’m simply not prepared to compromise on, whatever the prize.
“There is no more serious choice than the one now facing Conservative members: to decide the person who leads our country at home and abroad during difficult times. As they turn to that decision I would urge them to treat with caution any vision that doesn’t involve any difficult trade-offs and remember that if something sounds good to be true – then it probably is.
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