Rishi Sunak promises tax cuts ‘you can believe in’

Rishi Sunak, with daughters Krishna, Anushka and wife Akshata Murthy, during a visit to Vaculug tyre specialists at Gonerby Hill Foot, Grantham (Danny Lawson/PA) (PA Wire)
Rishi Sunak, with daughters Krishna, Anushka and wife Akshata Murthy, during a visit to Vaculug tyre specialists at Gonerby Hill Foot, Grantham (Danny Lawson/PA) (PA Wire)

Rishi Sunak on Saturday told Tory Party members that he was the only candidate telling the truth about taxation.

Tax cuts have dominated discussion in the Conservative leadership contest so far, with Mr Sunak seeking to portray himself as a Thatcherite custodian of the public finances in the face of a raft of tax cuts promised by rival Liz Truss.

The Foreign Secretary, who has said she is running an “insurgent” campaign, has said that her promises of tax cuts will help curb soaring inflation.

Speaking from Grantham in Lincolnshire, Mr Sunak repeated his attacks on Ms Truss and her economic vision in a speech that was heavy with warnings about the dangers of inflation.

“We have to tell the truth about the cost of living and that there is no answer to this problem other than to grip inflation and bring it down,” he told a mostly friendly crowd.

The former chancellor said: “Rising inflation is the enemy that makes everyone poorer and puts at risk your homes and your savings.

“And we have to tell the truth about tax.

“I will deliver more tax cuts.

“I’ve already made real progress as chancellor, but I will not put money back in your pocket knowing that rising inflation will only whip it straight back out.”

His supporters have said that Mr Sunak is the only candidate in the race with a clear plan for the country, with Deputy Prime Minister Dominic Raab telling BBC Radio 4’s Today programme on Saturday morning that his candidate had set out a “credible” plan on the economy and on the NHS.

Foreign Secretary and Conservative leadership candidate Liz Truss has promised tax cuts if she becomes prime minister (Aaron Chown/PA) (PA Wire)
Foreign Secretary and Conservative leadership candidate Liz Truss has promised tax cuts if she becomes prime minister (Aaron Chown/PA) (PA Wire)

In a swipe at Ms Truss, Mr Raab also said it was not “responsible” to reverse the health and social care levy, stressing that it would take money away from the NHS and make solving issues such as waiting lists much harder.

Mr Sunak told the crowd he would deliver “tax cuts you can believe in”.

“We can cut more taxes, but only if we defeat the enemy of inflation.

“And that can only happen if we are honest about the ravages it cause.

“We must see the danger in front of us and act, not pretend like it isn’t happening, or more dreadful still, make the situation worse, putting people’s homes and savings at risk.

“I will deliver a lower tax economy.

“I will deliver tax cuts but tax cuts you can believe in.”