Scrambling Sunak eyes inheritance tax cut as Truss surges ahead in leadership polls

Rishi Sunak says he ‘can’t resolve’ state pensions

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

The former Chancellor told party members last night that he believed in aspiration as he looked to close the gap in the polls on Liz Truss. Speaking in Cardiff, he told a leadership hustings he wants to slash taxes but would only do so once it was affordable.

The Richmond MP has attempted to paint himself as the candidate of fiscal discipline, warning Tory members he will not cut taxes as soon as he enters No10.

Criticising Ms Truss’s plans as “fairytale” economics, he has instead pledged to reduce the huge tax burden on the UK over a number of years.

He has promised to “deliver tax cuts that drive growth” in a “responsible” way.

Taking questions from the audience at the event last night, Mr Sunak was asked if he would scrap inheritance tax.

Many in the party believe it completely unfair for the state to take a huge cut of peoples’ estate once they die.

While the leadership hopefuls rejected getting rid of the tax, he hinted he wanted to lower it in future.

He said: “I’ve set out a plan to consistently cut income tax over time because I want to reward hard work.

“But I very much, as you heard from my earlier remarks, I’m someone who believes in supporting aspiration.

“I think that is a Conservative value that many of us in this room will hold dear and inheritance tax is a way to do that.

“So, over time, is that something that we should look at? Of course, we should, because people who are working hard should be rewarded for that.

Scotland faces paying MORE income tax than rest of UK under SNP [INSIGHT]
John Curtice issues major Tory leadership warning to Liz Truss [UPDATE]
Truss slammed for Sturgeon comments – ‘She’s swung the pendulum’ [REACTION]

“If they want to build something and leave that for their family, that’s an entirely Conservative instinct and a Government that I’m privileged to lead would very much want to support that instinct.

“That’s what a Conservative Prime Minister should do.”

Mr Sunak is currently trailing his rival in the contest to replace Boris Johnson by as much as 38 points.

A YouGov survey of party members released yesterday found 69 percent were planning to back the Foreign Secretary compared to just 31 percent for Mr Sunak.

Taxation and the cost of living have taken centre stage through most of the contest so far.

Of the 1,043 Conservative members surveyed between July 29 and August 2, 55 percent said they thought Ms Truss could be trusted more on cost of living.

Just 31 percent backed the former Chancellor, who oversaw popular policies such as furlough during the pandemic, with 14 percent of members unsure who would be better.

Ms Truss has pledged to “start cutting taxes from day one” with a new budget and spending review that would reverse April’s rise in national insurance and next year’s corporation tax hike from 19 percent to 25 percent.

Source: Read Full Article