Squabbling Tories are tearing themselves apart over tax as the race to succeed Boris becomes bitter, with Javid shredding billionaire Sunak’s record as chancellor, Slot Pragmatic Truss vowing to abolish the National Insurance hike and Shapps and Zahawi saying that they will boost defence spending.
Announcing their bid for leadership, former health secretaries and Sajid Javid both pledged to slash corporation tax, cutting the 25 per cent rate to 15 per cent.
However their timescales for the change are different, with Mr Hunt slashing the tax to 15p in his first autumn Budget, while Mr Javid would set a ‘glide path’.
The two politicians are the latest to join the growing number of Tories vying for the top position, with the list now including , Nadhim Zahawi, , , Suella Braverman, ex-minister Kemi Badenoch and senior Tory Tom Tugendhat — with the majority pitting themselves as ‘anti-Boris’ candidates.
Mr Zahawi, Rishi Sunak’s successor, had said earlier this week that ‘everything is on the table’ when questioned over the tax rise.
He has also pledged to increase defence spending, an issue mirrored by Mr Shapps.
Ms Braverman has pledged to ‘control spending’ and ‘cut tax and energy VAT’ as part of her bid, while Ms Badenoch questioned: ‘Would it be simpler just to let people keep their money in the first place rather than giving them rebates on council tax?’
Mr Javid has also pledged to scrap the national insurance rise that was brought in when he was health secretary to help pay for the NHS and social care, bring forward the planned 1p income tax cut to next year, and introduce a further ‘significant’ temporary reduction on fuel duty.
In his leadership bid, he said: ‘I’ve always believed in free markets, light regulation and low tax for growth’.
Cutting tax would slam the brakes on Mr Sunak’s tax stance, with his budget last year putting Britain on course for its biggest tax burden since the 1950s.
Meanwhile, Mr Hunt described himself as he ‘only major candidate who has not served in Boris Johnson’s Cabinet’ as part of his leadership bid.
Key moments of the leadership race for prime minister
- Former health secretaries Jeremy Hunt and Sajid Javid have announced separate bids for Tory leadership
- They join Liz Truss, Nadhim Zahawi, Grant Shapps, Rishi Sunak, Suella Braverman, Kemi Badenoch and Tom Tugendhat in the ring
- Chief Secretary to the Treasury Simon Clarke has revealed that he backs Foreign Secretary Liz Truss
- Former education secretary Mr Zahawi was the third serving Government minister to kick off their campaign
- Defence Secretary Ben Wallace was a favourite in the polls, but said that after ‘careful consideration’ and discussion with colleagues and family, he would not stand to be party leader and the next prime minister
- Another potential front-runner is trade minister Penny Mordaunt, whose intentions are not yet clear
Squabbling Tories are tearing themselves apart over tax and billionaire Rishi Sunak’s record as chancellor as the race to succeed Boris becomes bitter
Sajid Javid has pledged to slash corporation tax, cutting the 25 per cent rate to 15 per cent
Mr Zahawi, Rishi Sunak’s successor, had said earlier this week that ‘everything is on the table’ when questioned over the tax rise
Liz Truss is vowing to abolish the National Insurance hike, and will launch a new spending review, Chief Secretary to the Treasury Simon Clarke said
Sajid Javid has pledged to scrap the national insurance rise that was brought in when he was health secretary to help pay for the NHS and social care
Liz Truss (left) will pitch herself as the female Boris Johnson in the Tory leadership race – a candidate who can win seats both in the South and the Red Wall, while Mr Zahawi pledges to lower taxes for individuals, families and business, boost defence spending, and continue with education reforms that he started in his previous role
Transport Secretary Grant Shapps has launched his Tory party leadership bid and says he he will ‘tactical government by an often distracted centre’ and Former Chancellor Rishi Sunak promised to confront the difficult economic backdrop with ‘honesty, seriousness and determination’
Prime Minister Boris Johnson resigned as Conservative Party leader after ministers and MPs made clear his position was untenable