Rishi Sunak News : I will not make such promises which cannot be fulfilled… Sunak gave a befitting reply to the tax cut promises of the truss

London : The process of electing a new Conservative Party leader formally began as Tory members began sending postal ballots on Monday. At the same time, Rishi Sunak said that if he is elected the Prime Minister of Britain, he will reduce the basic rates of income tax to 16 percent from the current 20 percent in the next few years. The 42-year-old former finance minister, who appears to be trailing his rival Liz Truss in Opinion Polls, said his “radical approach” would mean a tax cut of 20 per cent – the “biggest cut in income tax in 30 years”.

Tax cuts have become a major issue in the election campaign. While Truss has promised to cut from day one, Sunak has spoken of focusing on a more measured approach to contain rising inflation. Sunak said, ‘What I’m laying out to the people today is a vision to give the biggest income tax cut since (former Tory prime minister) Margaret Thatcher’s government.
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What did Sunak say on tax cuts?
“It’s a radical view, but at the same time realistic and there are some fundamental principles that I am not ready to compromise on,” he said. Under the proposal, Sunak said he would stick to his earlier announced one per cent cut in income tax in April 2024. He said that with this, a further reduction of three percent will be done around 2029 till the end of the next Parliament’s term. This will reduce the basic rate of income tax from 20 percent to 16 percent.

‘Won’t make promises that can’t be fulfilled’
In a veiled attack on his rival’s comments on taxes, Sunak cautioned, “First of all, I will never reduce taxes in a way that only increases inflation. Second, I will never make promises that I cannot fulfill. And thirdly, I will always be honest about the challenges we are facing.