Rishi To Cut Basic Rate Of Tax To 16 Per Cent

Contest to be tory leader

- Martyn Brown

RISHI Sunak has vowed to slash the basic rate of income tax to just 16 per cent within seven years in his last-ditch attempt to woo Conservative voters.

The outsider in the race to replace Boris Johnson said that it will amount to a 20 per cent cut – the largest reduction in income tax in 30 years.

But the former chancellor immediately faced renewed accusations of reversing his position on tax from supporters of his rival for No 10, Liz Truss.

Chief Secretary to the Treasury Simon Clarke, who is backing the Foreign Secretary, warned: “We cannot afford to wait to help families, they need support now.

“Liz will cut taxes in seven weeks, not seven years.”

And a Truss campaign source added: “It’s welcome that Rishi has performed another U-turn on tax, it’s only a shame he didn’t do this as chancellor when he repeatedly raised taxes.

“He has also made it conditional on getting growth first, knowing full well that his corporation tax rises are contractionary. The public and Conservative Party members can see through these flip flops and U-turns.”

Ms Truss has pledged an immediate £30 billion in tax cuts if she becomes prime minister.