Nadhim Zahawi has promised to cut income tax by 2p within two years if he becomes prime minister and condemned what he called the excessive taxation and spending of the government in which he remains the chancellor.
The work of the CWF, which has produced a charter for lower taxation and a smaller state, which Zahawi has endorsed, was “like the first buds showing on a spring morning after a long winter”, the chancellor said. He added: “Let me be clear: tax as a percentage of GDP will fall year on year if I become prime minister. That is a promise.”
Asked by Sky reports about his financial and tax affairs, including that propriety and ethics officials alerted Downing Street to a HM Revenue and Customs “flag” before he was made chancellor, Zahawi said: “So I was clearly being smeared.” In a speech in Gateshead on Monday morning, the Labour leader, Keir Starmer, condemned the rush to cut taxes among Tory leadership candidates, calling it an “arms race of fantasy economics”.Kwasi Kwarteng, the business secretary and a supporter of Truss, told BBC Radio 4’s Today programme that such tax cuts would require reductions in public spending, but declined to say how.
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