Rishi Sunak vows to take 4p off income tax

Rishi Sunak has said he will cut the basic rate of income tax from 20% to 16% by the end of the next parliament if he becomes prime minister.

This would amount to a 20% tax reduction, he said – the “largest cut to income tax in 30 years”.

But supporters of his Tory rival Liz Truss have accused the ex-chancellor of a U-turn on the issue and said that people cannot wait for tax cuts.

Conservative Party members will start receiving ballot papers later.

The winner of the leadership contest will be announced on 5 September, with Mr Sunak and Ms Truss competing for the No 10 job.

Mr Sunak said the policy is part of his “radical” tax vision, but it builds on his previously-announced 1p cut to income tax in April 2024.

He said he will take a further 3p off by the end of the next parliament, which could be as late as December 2029.

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