Tax cuts, economy boom and ‘clean start’: What are the Tory leadership hopefuls promising?

Steve Brine backs Jeremy Hunt in leadership race

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 Swathes of Tories have put themselves forward to replace Boris Johnson, some household names while others are not as well known. As the race gets started, what have the candidates promised should they be voted in? Here’s what each hopeful has to say about tax, and how will they spend your money.

Jeremy Hunt

So far, as one of the main challengers for the top spot, Mr Hunt has said he would implement the lowest rate of business taxes in the West.

He pledged to cut business rates for five years for the “most in need communities”.

Sajid Javid

The former Chancellor has focused on business rather than families when it comes to his potential tax policy.

Mr Javid said he would raise corporation tax from 19 percent to 25 percent.

However, it would be short-lived, being withdrawn and lowered to 15 percent next April.

Kemi Badenoch

Endorsed by recently sacked Michael Gove, Ms Badenoch has promised “lower taxes” for all but said her pledge would be accompanied by tight fiscal control.

Suella Braverman

The Attorney General has pitched herself as an “efficient, low tax state” candidate. So far, she has pledged to get “spending under control”.

Ms Braverman has pledged to scrap net-zero targets, much to the ire of some other party members, and to cut VAT on energy at least temporarily.

Rehman Chisti

The not-so-well-known backbencher said in his low-key bid announcement video that he would “lower tax” – but gave no indication of what this would entail.

Penny Mordaunt

The Portsmouth North MP has been light on the policy details so far in her short campaign, with no mention of taxes and spending.

Speaking as her campaign launched, Ms Mordaunt said: “Our leadership has to change. It needs to become a little less about the leader and a lot more about the ship.”

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Rishi Sunak

Mr Sunak has said he won’t focus on cutting taxes, instead focusing on “fiscal prudence”.

However, this could come back to bite him – as Chancellor, he installed a 1.25 percentage point hike to National Insurance, and also signed off on hundreds of pounds of energy help for all households across the UK.

Tom Tugendhat

Mr Tugendhat has promoted himself as cost of living candidate and is widely perceived as the most centre-bound candidate standing for leadership.

He has recently said taxes are “too high” and has called for an end to the National Insurance hike implemented by Mr Sunak, as well as a drop in fuel taxes.

Mr Tugendhat has also said he is “committed” to a “clean start” for the UK.

Speaking on Sunday to Sophy Ridge he said: “I think Boris Johnson delivered many things for this country, but what we know need is a clean start because the government and the Conservative party to return to the service of the people and to have that clean start that we all know is needed.”

Grant Shapps

The Transport Secretary has said he would immediately bring about a new Budget, and instruct his Chancellor of choice to cut personal tax for the UK’s most vulnerable.

He also promised state support to companies badly affected by high energy prices and pledged to make Europe the biggest European economy by 2050.

Liz Truss

Ms Truss has said she would not seek to raise taxes should she become the new PM.

She said: “It isn’t right to be putting up taxes now. I would reverse the national insurance increase that came in during April, make sure we keep corporation tax competitive so we can attract business and investment into Britain, and put the Covid debt on a longer-term footing.”

Nadim Zahawi

The new Chancellor has pledged to review the UK’s corporate tax policy in a distinctive hint he would scrap the 6p rise from 19p to 25p due next April.

He also pledged that Britain would stop talking about opportunities provided by Brexit and actually “take them”.

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