Rishi Sunak vows to slash the basic rate of income tax by 20 percent by 2029 as he vies to become UK prime minister
Britain's Rishi Sunak speaks to Tory members at Fontwell Park Racecourse as part of his campaign to be leader of the Conservative Party and the next prime minister, in Fontwell, Britain, July 30, 2022.
Sunak, once seen as the favourite to replace Boris Johnson when he helped to steer the economy through the ravages of the Covid-19 pandemic, has struggled against his rival, Foreign Secretary Liz Truss, who has pledged immediate tax cuts. With inflation surging to a 40-year high of 9.4 percent and growth stalling, the economy dominated early stages of the contest, with Sunak arguing that Truss's plan to reverse a rise in social security contributions and cancel a planned rise in corporation tax would stoke inflation further.
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