Taxes: The former chancellor has promised the biggest tax cut in 30 years if he becomes prime minister, pledging to cut the basic rate from 20% to 16% within seven years. Someone earning the average UK salary of £32,000 would save around £777 under the plans.
He has pledged to remove VAT from energy bills for a year, which he says will save around £200 on the average household bill as energy prices soar this winter. He also promises a major new investment tax cut this fall, replacing the so-called “super deduction”.
At the event in Darlington on August 9, Mr Sunak suggested he would commit tens of billions of pounds to tackle the cost of living crisis, while Ms Truss has not yet determined whether she will provide direct payments to the British.
He also promised on August 9 to cut corporate rates this fall as he warned that Ms Truss’ economic plans would see the Tories ‘absolutely hammered’ in the next election. He said supporting high streets would be “a priority for me” when asked by a Tory MP if he would cut taxes on struggling shops.
Mr Sunak had earlier resisted calls for immediate tax cuts amid the cost of living crisis, saying instead the nation needed “honesty and accountability, not fairy tales”. He had pledged to focus on controlling inflation and only cutting taxes once that happened, presenting his position as “common sense thatcherism”.
Loan: Mr. Sunak has repeatedly said that the nation must balance its books. He warned ‘borrowing to get out of inflation is not a plan’ and challenged Ms Truss on her promise to borrow more to fund her tax cuts. He said: “It’s the country’s credit card and it’s our children and grandchildren, all the children here will foot the bill for it. There’s nothing conservative about it.”
He insisted he would not promise tens of billions of pounds in ‘goodies’ – a reference to his rival’s promises – because that would fuel inflation.
He added: ‘We in the Conservative Party need to be real and fast because the lights in the economy are flashing red and the root cause is inflation.
Net Zero: He has pledged to maintain the target of making Britain carbon neutral by 2050. To achieve this, he would oversee a massive expansion of offshore wind farms. During an election campaign on August 3, he was accused of backtracking on onshore wind after announcing he would remove a ban on new wind turbines. He wants to make the UK energy self-sufficient by 2045.
Trans: The former chancellor has made his stance on trans rights clear. He said: “The fact that we have to have a conversation about what a woman is is frankly extraordinary. As a parent of two young girls and married to one, I know exactly what a woman is. We don’t don’t need to have a debate about this. I’m going to stand up for women’s rights, whether it’s the language that people are now trying to erase from public life, access to locker rooms, sport – we have to standing up for women’s rights. It’s not bigoted or somehow narrow-minded to say that.” Mr Sunak launched his campaign by promising a new “women’s rights manifesto”. He pledged to protect the terms ‘women’ and ‘mother’ as he blamed the Equality Act for promoting ‘woke nonsense’.