RISHI Sunak and Liz Truss are battling it out to be Britain’s next PM and have until September 5 to convince Tory members why they are best fit to lead the party.
Tax and spending have emerged as the two main issues of the Tory race to be PM, with Mr Sunak and Ms Truss pitching very different visions for the country’s finances.
Rishi Sunak and Liz Truss will tour the UK to convince Tories why they should get their vote
Rishi Sunak and Liz Truss lock horns at the ITV Leadership Debate
Mr Sunak has positioned himself as the economically cautious choice. He’s vowed not to make any tax cut pledges until inflation is dealt with.
The former Chancellor said cuts are a matter of “when not if” but refuses to rubber stamp any dates.
Ms Truss on the other hand has promised a smorgasbord of fiscal giveaways.
She’s pledged to reverse the National Insurance hike from day one in office and even introduce a fully costed budget.
Other areas including defence spending, Brexit and foreign policy have also become key wedge issues in the contest.
Here is an overview of what Mr Sunak and Ms Truss are pledging:
RISHI SUNAK
Key pitch: No “fairy tale tax cuts” until inflation is under control
The former Chancellor has laid out his stall as the candidate for economic responsibility while Ms Truss goes gung-ho on tax cuts.
He has promised to cut taxes only when inflation has been brought under control, warning to do so now would be irresponsible and unrealistic.
Key policies:
- Cut taxes when inflation is down and public finances are repaired
- Plough on with the planned rise to 25 per cent corporation tax
- Keep the Rwanda immigration policy to cut small boats crossings
- Commit to Net Zero 2050 target
- Massive expansion of offshore wind
- Create a new criminal offence for facilitating abuse by grooming gangs
- Keep defence spending at current levels with no increase
- Publish a manifesto to protect women’s rights
- Open the door to scrapping the BBC Licence Fee in the future
- Give fans a greater say in their football club by implementing all 10 recommendations in the Crouch Review of Football Governance by November
- Visit Kyiv as as first foreign trip
Rishi Sunak is pledging fiscal responsibility
LIZ TRUSS
Key pitch: Tax cuts on day one as PM
Liz Truss is pledging to reduce taxes and introduce a full budget on her first day in office if she wins the contest.
The Foreign Secretary has also promised to shrink the size of the state and get tough on China.
Key policies:
- Reverse NICs hike and cut taxes from day one
- Reform the Euro court and leave altogether if not possible
- Pause the green energy levy
- Low tax zones with lower business rates and fewer planning restrictions in left behind areas
- Keep the Rwanda deportation policy
- Commit to Net Zero 2050 policy
- Lift the ban on new grammar schools
- Reverse the planned rise in corporation tax
- Publicly recognise the genocide in China
- Reform the European Convention on Human Rights
- Reduce the size of the state in comparison to the private sector
Liz Truss says she’ll cut taxes from day one
