Tory beauty pageant: Tax cuts and leadership candidates’ spending promise | Business news

The Conservative leadership contest turned into an economic beauty contest, and the podium in front of MPs witnessed something of a fight over how to deal with the cost-of-living crisis.

The 10 candidates vying for the keys to Number 10 are trying to win the support of Tory MPs ahead of the first round of voting on Wednesday with a series of tax cuts and spending promises.

They hope that MPs, worried about a majority in their constituencies due to the government’s political crisis, will be attracted by vote-getting politics, especially when it comes to the economy and the dominant cost of living crisis.

Here Sky News breaks down the leadership candidates’ pledges on the economy today so you can appoint your own Mr/Mrs Great Britain.

Political Center: Johnson supporters to back ‘Stop Rishi’ candidate.

Rishi Sunak

Where better to start than with the former chancellor who was praised for his response to the CORONAVIRUS INFECTION COVID crisis, but which has recently been out of step Boris Johnsontax reduction program.

It is for this reason that any big shift towards promises to splash the cash will be seen as duplicity and has come under fire from the soon-to-be ex-prime minister’s allies.

At a campaign launch event on Tuesday, Mr Sunak promised tax cuts but, crucially, only when inflation was brought under control and hit back at “fantastic” promises by rivals to offer more support as soon as they take office .

Mr. Sunak is concerned about the national debt and increasing that burden through additional handouts A £37bn bailout package he signed while Chancellor.

Sajid Javid

The former health secretary, whose resignation triggered Mr Johnson’s downfall, also served as chancellor.

He set out a “new Conservative economic plan” which includes three tax cuts worth around £40bn.

These are: Reversing the rise in corporation tax from 19% to 25% and National Insurance (NI) levy. He will also present Mr. Sunak’s plan while in government to cut income tax.

Nadim Zahavi

The current chancellor, who claims he is the target of a smear campaign over his personal wealth, has been accused by the Sunak camp of a “fabulous” tax plan.

He promised to cut income tax in 2023 and 2024 and scrap green charges on electricity bills for two years.

Mr Zahavi says his plan is well-priced and tax cuts are the right thing to do in a cost-of-living crisis.

Liz Truss

The Foreign Secretary has promised to cut taxes “from day one” if she gets the keys to Downing Street.

Her main promise to date is to reverse the April increase in national insurance.

Penny Mordant

The Minister of Trade advocated targeted assistance with the rising cost of living while maintaining responsibility for public finances.

She told the Daily Telegraph: “While I will cut taxes, I will be the pioneer of sound money, with a key fiscal rule ensuring that debt as a percentage of GDP falls over time.”

Her plan includes an immediate 50% cut in VAT on fuel until at least April 2023, which will be funded by inflation-adjusted VAT revenue and a promise to raise the tax threshold for basic and middle earners in line with inflation.

Read more: Tory leadership contest – beer, cakes, smoothies – and dirty tricks
Boris Johnson ‘determined to deliver’ 2019 election victory in final few weeks as leader
New prime minister date to be announced – some Tory candidates in danger of dropping out of race today

Jeremy Hunt

Another former health minister is in the race for promising tax cuts.

His plans include cutting corporate tax to 15% and scrapping business rates for five years in the country’s poorest communities.

Mr Hunt, who wants to raise defense spending to 3% of gross domestic product (GDP) by 2028, said he would keep National Insurance rising and any income tax cuts could only happen if they were sustainable and growing economy.

Suella Braverman

The Attorney General claims that “there is no alternative but radical tax cuts.”

The Brexiteer’s economic plans, outlined so far, include amending the Northern Ireland Protocol Bill to bring VAT, excise duty and medicines regulation directly under UK law from day one.

Tom Tugendhat

The chairman of the foreign affairs committee promised to reduce taxes on labor and fuel.

The ex-military man said he would cut the fuel debt by 10pm while in the hot seat during the launch of his campaign.

Kemi Badenach

The former equalities minister promises a smaller state and a government “focused on the essentials”.

The MP for Saffron Walden backs tax cuts to boost growth and productivity, but said they must be accompanied by tough spending discipline.

Rehman Chishti

The newly appointed Minister of Foreign Affairs did not publish any plans for the economy, except for tax cuts.

He said in a video posted on Facebook over the weekend that the right candidate would have “a proven track record of bringing ideas and creativity to the table to help improve people’s lives.”

Sky News is hosting a live televised debate with the contenders to be the next leader of the Conservative Party, and therefore Prime Minister, and you can be in the virtual audience.

The debate will be hosted by Sky News presenter Kay Burley on Monday 18 July.

If you would like to be part of the virtual audience and have the opportunity to ask a question, please send an email NewsDebates@sky.uk.