UK PM Election: Rishi Sunak plays a new bet in the competition with Liz Truss, will cut tax by 20%

Publish Date: 02 Aug, 2022 |

Indian-origin leader Rishi Sunak, who seems to be lagging behind in the survey being conducted in the midst of the ongoing process to choose a new prime minister in Britain, took a U-turn regarding tax levy. He said, on becoming the Prime Minister, he will cut income tax by 20 percent by 2029. Britain is going through a period of record inflation due to the Covid epidemic and Ukraine war. In such a situation, people are finding it difficult to pay taxes.

UK PM survey conducted

Rishi has vowed to reduce the basic rate of tax for the people of Britain to 20 percent by the year 2029. Amidst all this, the chances of Foreign Secretary Liz Truss to become Britain's prime minister have increased by 90 percent, according to a recent survey by betting exchange firm Markets. If this continues, then Rishi Sunak's dream of becoming PM will remain incomplete and Liz Truss will become the successor of Boris Johnson by leading the race.

The Smarkets survey shows that after Boris Johnson, Liz Truss has a 90.91 percent chance of becoming the next permanent member of the Conservative Party, while Rishi Sunak has a 9.09 percent chance of becoming the next PM of Britain. has decreased. To become PM in Britain, the contenders have to go through a competition of 12 nationwide events.

Sunak’s tax reduction scheme

Sunak has said that "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,". 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.

Both contenders will go through 12 nationwide events, with the first being held in Leeds, northern England, as members elect a new leader. Truss leads a survey of Tory members after vowing immediate tax cuts as Britain is currently in the grip of inflation.


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