Former health secretaries Jeremy Hunt and Sajid Javid have both pledged to slash corporation tax as they announced separate bids for the Tory leadership, as Foreign Secretary Liz Truss, Chancellor Nadhim Zahawi and Transport Secretary all throw their hat in the ring.
Both Mr Javid and Mr Hunt have both declared their candidacies, with each promising to cancel Rishi Sunak’s planned rise in corporation tax, and instead cut the 25% rate to 15%.
They give separate interviews, with Mr Javid also pledging to scrap the national insurance rise that was brought in when he was health secretary to help pay for the NHS and social care.
The two politicians are the latest to join the growing number of Tories vying for the top position, with the list now including Ms Truss, Mr Zahawi, Mr Shapps, Mr Sunak, Ms 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.
The leadership contenders’ 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’.
Mr Javid also said he would scrap the Government’s controversial national insurance hike, bring forward the planned 1p income tax cut to next year, and introduce a further ‘significant’ temporary reduction on fuel duty.
Chief Secretary to the Treasury Simon Clarke has also revealed that he backs Foreign Secretary Liz Truss to become leader, and saying she would reverse the national insurance rise.
In a tweet, he said: ‘I am supporting Liz Truss for the leadership of Conservatives.She will galvanise growth, cut taxes and launch a new Spending Review. She’s tough on our enemies abroad, https://ceriabet.net/ will seize the opportunities of Brexit and has a strong record of delivery.’
Truss will launch a bid to become the next Conservative leader by pledging that she will advocate ‘classic Conservative principles’, the Mail on Sunday reported.
The newspaper said she will reverse the Government’s national insurance rise, cut corporation tax and introduce measures to ease the cost-of-living crisis when she announces her campaign, possibly on Monday.
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