Rishi Sunak Announces Conservative Party Leadership Bid
Rishi Sunak is currently leading the pack in the race to succeed Boris Johnson as Conservative Party leader and Prime Minister. The ex-Chancellor of the Exchequer, who pressured Mr Johnson to quit by resigning from number 11 last week, has won the support of 38 Tory MPs. However, Mr Sunak has been criticized by other leadership candidates over his plan to tackle the UK’s economic woes.
The Richmond MP, who backs Brexit, has claimed the government cannot afford to lull voters to sleep over the economic problems with “comforting fairy tales”.
Mr Sunak said, “Do we view this moment with honesty, seriousness and determination, or do we tell ourselves comforting fairy tales that may make us feel better right now, but will make our children worse off tomorrow?”
By contrast, Secretary of State Liz Truss pledged to scrap the increase in national insurance and cut taxes “from day one” to help ease the pressure of the crisis on the cost of living.
Ms. Truss’ main lender, Kwasi Kwarteng, cut horns directly with Mr. Sunak over taxes.
The Business Secretary said, “We can’t just be accountants trying to balance the books all the time.”
Former health secretaries Sajid Javid and Jeremy Hunt went so far as to pledge to cut corporate taxes to 15 percent, in a move that would reverse Mr Sunak’s planned hike from 19 to 25 percent.
Despite pressure from conservative challengers to tax cuts, Mr Sunak’s allies have defended his plan, claiming it demonstrates the ex-chancellor’s “tax prudence”.
Former Parliamentary Private Secretary to the Department for Leveling Up Jacob Young told: express.co.uk: “The UK is at a critical crossroads.
“The world is becoming an increasingly unpredictable place, global inflation is on the rise, and add to that the fact that the UK borrowed over £400bn during the pandemic, the time has now come for fiscal prudence.
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‘Tax Caution!’ Sunak supporters lash out at Tory leadership challengers over tax cuts (Image: Getty)
Liz Truss announced her candidacy on low-tax platform and is expected to win big Boris beasts (Image: Getty)
“That’s why I believe that Rishi Sunak has offered the economic plan that this country needs.”
In a broad shot at Mr Sunak’s challengers, the Redcar MP added: “We’ve heard promises of tax cuts, but if you’re going to promise tax cuts, say what service or investment program you’re going to cut to pay for it?
“If you don’t cut spending, the only other place the government can get money from is by borrowing.
“But given the state of global finances and the current cost of borrowing, neither option makes sense.
“We need to be honest with the British people, not just tell them what they want to hear.”
However, tax issues have already reduced the 2022 Tory leadership contest to a mud-throwing contest after a 424-word anti-Sunak dossier circulated around Westminster.
The document described Mr Sunak as a “schoolboy”, a “liar” and even claimed that “there is nothing conservative” about the frontrunner’s economic agenda.
Brexit Opportunities Minister Jacob Rees-Mogg, a loyal Johnson supporter, echoed such criticism, accusing Sunak of pursuing policies that were “all about the big state”.
The ex-chancellor’s leadership bid faced other problems this weekend after a video surfaced showing 21-year-old Sunak saying he has no working-class friends and that he was forced to deny ties to the Brexit deal. supporting ex-number 10 of Johnson. advisor Dominic Cummings.
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Rishi Sunak (left) is tipped as one of the favorites in the race to succeed Boris Johnson (right). (Image: Getty)
However, with allies of Mr Johnson reportedly set to declare for Mr Truss later today, Mr Sunak is expected to pledge to reduce the tax burden after “leading this country through these economic headwinds” if he becomes prime minister. is chosen.
Mr Young, who was elected Redcar’s first-ever Tory MP in 2019, also defended Mr Sunak over what he described as “misleading” claims.
He said: “As chancellor, Rishi was at the helm of the country’s finances during the most challenging circumstances in recent history.
“As the economy stalled due to lockdowns, Rishi did what it took to support millions of families, businesses and services.
“That meant spending huge sums of money that we would never have otherwise.
“It is both unfair and downright misleading to characterize Rishi as a ‘big tax, big spend’ chancellor.
“These were unusual times and the Treasury’s response was equally unusual to match.”
Mr Young is instead convinced that the ex-chancellor, who is considered an asset to the ‘Red Wall’ for his support for Teesside’s post-Brexit freeport, can unite the Conservative party because he has the “determination, the instinct and the strength of character to lead the country forward”.
However, Mr Young’s intervention came just hours after former Housing Secretary Robert Jenrick targeted challengers to the conservative leadership and defended Mr Sunak’s “economically literate” plan.
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Jeremy Hunt (left) and Sajid Javid (right) have vowed to cut corporate taxes to 15 percent. (Image: Getty)
Sunak took an early lead among conservative colleagues with 38 recommendations. (Image: Getty)
The Newark MP told GB News: “I think he has the best plan for growing the economy over the next few years, cutting taxes over time, but doing it in a credible way that can ensure that we also don’t allow loans to get out of hand.”
Mr Jenrick, who supported Mr Johnson for Tory leadership in 2019, added: “He’s a tax-cutting conservative, but he wants to do this with a real plan, he doesn’t want to make unfunded promises and they live up to the hoof. ”
There are also concerns that tax cuts could spark another spike in inflation just weeks after the Office for National Statistics revealed the consumer price index hit 9.1 percent in May.
According to a poll of 493 Conservative Party members conducted for Channel 4, Mr Sunak is the front-runner to win the ongoing leadership contest with a four-point lead over Ms Truss.
A separate inquiry by JL Partners also found that Mr Sunak was the best placed candidate to take on Sir Keir Starmer’s Labor Party.
The Richmond MP opened a narrow one-point lead over the Labor leader, making him the only Conservative candidate currently standing for Sir Keir.
However, supporters of the Foreign Secretary are convinced that Ms Truss can provide the British with the help it needs to deal with the cost of living crisis.
An ally of Mrs Truss, who suggested the “no-nonsense” MP from South West Norfolk was best equipped to deal with the “woolly” Labor leader, told express.co.uk: “She has ideas for tackling the cost of living and potential recession that will actually work.
“The world is facing real challenges on that front and it can take the lead on the global stage to address them, unlike other candidates.”
Despite emerging as a potential favourite, Mr Sunak still faces a challenge from a crowded field as Commerce Secretary Penny Mordaunt, Tonbridge & Malling MP Tom Tugendhat, recently appointed Chancellor Nadhim Zahawi, ex-minister of Equality Kemi Badenoch, Attorney General Suella Braverman, Transport Secretary Grant Shapps and Gillingham & Rainham MP Rehman Chishti joined Ms Truss, Mr Hunt and Mr Javid in the race for number 10.