The former Chancellor is facing the Foreign Secretary in a final bid to become the Prime Minister and the leader of the Tory Party. In the final ballot, Mr Sunak led the pack with 137 votes while Liz Truss secured the final place in the contest with 113 votes. During the leadership contest, the MP for Richmond was the only candidate to not promise to cut taxes as part of his policies
The former Chancellor warned that while inflation is soaring to a 40-year high of 9.4 percent, it would be the wrong time to cut taxes.
He vowed to cut tax at some point, saying “once we have gripped inflation, I will get the tax burden down” and he added “it is a question of ‘when’, not ‘if’”.
At prior debates in the contest, he said: “We need a return to traditional Conservative economic values – and that means honesty and responsibility, not fairy tales.
“I have had to make some of the most difficult choices in my life when I was Chancellor, in particular how to deal with our debt and borrowing after Covid.”
He added: “I certainly won’t pretend now that the choices I made, and the things I voted for, were somehow not necessary.
“Whilst this may be politically inconvenient, it is the truth.”
Mr Sunak stated on Thursday that he does not plan to cut personal taxes until autumn 2023 at the earliest if he were to become PM.
He added that Ms Truss is misleading the public after she promised that if she was voted to become Prime Minister on September 5, she would cut taxes “from day one”.
The former Chancellor stated that he would not expect to see inflation fall before next summer amid warnings from the Bank of England that it could rise to 11 percent over the coming months.
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The Foreign Secretary bit back at Mr Sunak’s accusations of her “fairy tale” policies by saying his actions as PM would put Britain into a recession and vowed her policies would not fuel inflation.
Ms Truss argued: “I think the problem is that if we continue with our current economic policy, which is forecast to lead to a recession, it will be very hard for Conservatives to win an election.”
She also pledged to introduce a new tax cut for stay-at-home carers and over £30 billion in tax reduction as a result of borrowing.
On LBC Mr Sunak said: “Wouldn’t my life be easier if I just sat here and [said] ‘I’m going to do this lovely sounding thing and this lovely sounding thing’?
But that wouldn’t be leadership.
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“I think it would damage trust, because part of rebuilding trust is for the Government and politicians to deliver the things that they say.
“And sitting here and promising you a bunch of things that I don’t think are right or deliverable would be wrong.”
New polling has shown that though Mr Sunak led the way with the ballot votes up to the final, Liz Truss has the majority backing from Tory Members.
The data revealed that Mr Sunak would have just 38 percent of Tory Members while the Foreign Secretary would have the backing of 62 percent.