LIZ Truss has launched her bid to become the next Tory leader, promising to cut tax “from day one”.
The Foreign Secretary also vowed to return to Conservative values if she took over from Boris Johnson.
As widely expected Liz Truss has joined the race to be the next leader of the Tories
Welfare Secretary Ms Coffey has already backed Ms Truss’s bid for Number 10 saying she had the electoral pull of Boris Johnson who won seats in the north and south.
Rishi Sunak was the first senior figure to announce he was standing
Writing an article in The Telegraph where she announced her candidacy, Ms Truss indicated she will cut corporation tax, reverse the National Insurance rise and overhaul business rates.
“I will fight the election as a Conservative and govern as a Conservative,” Ms Truss said.
She added: “Under my leadership, I would start cutting taxes from day one to take immediate action to help people deal with the cost of living.”
Other candidates in the race have also indicated they will cut taxes, if they get the top job.
Penny Mordaunt, the trade minister, has promised to halve VAT on fuel and raise the income tax thresholds for basic and middle-earners in line with inflation.
Chancellor Nadhim Zahawi, who is also in the running, has said “nothing is off the table,” when it came to tax cuts.
Ms Truss has already been backed by Cabinet Minister Therese Coffey.
The Welfare Secretary backed Truss’s bid for Number 10 saying she had the electoral pull of Mr Johnson who won seats in the north and south.
Coffey said: “We need a leader who can unite the Red and Blue Wall, has a clear vision for the country and economy, and has the skills and experience to deliver it – which is why I think Liz Truss is the best person for the job.
“Having been a Cabinet Minister since 2014, Liz’s delivery record has been second to none and she is vastly experienced.
“She has helped lead the international response on Ukraine, and brokered dozens of post-Brexit trade deals that people thought would be impossible, and has experience helping manage the nation’s finances in the Treasury.
“Liz is our best hope for turning things around before the next election.”
Truss has also received the backing of several prominent Tories including Treasury Minister Simon Clarke.
She becomes the 10th candidate to launch their campaign, following an announcement from trade minister Penny Mordaunt earlier on Sunday.
Other contenders include former health secretaries Sajid Javid and Jeremy Hunt, ex-chancellor Rishi Sunak, his successor Nadhim Zahawi, and Transport Secretary Grant Shapps.
Former minister Kemi Badenoch and senior backbencher Tom Tugendhat have also thrown their hats into the ring.
Also saying they will stand is newly appointed Foreign Office minister Rehman Chishti.
Mr Chishti, the MP for Gillingham and Rainham, tweeted: “I’m standing to be the next leader of the Conservative Party and your prime minister.
“For me it’s about aspirational conservatism, fresh ideas, fresh team for a fresh start taking our
Ms Truss’s pledge to scrap the national insurance rise, which came into effect in April, mirrors that of rival Mr Javid.
It marks a departure from her defence of the policy as a minister in Boris Johnson’s Cabinet, prior to his resignation, when she was bound by collective responsibility to support the move publicly.
The levy was introduced to raise funds for the NHS and social care, but has proved controversial at a time when households are feeling the squeeze from soaring food and energy bills.
Ms Truss argued “it isn’t right to be putting up taxes now”, and as leader she would take “immediate action” to assist with living costs.
She said she would “keep corporation tax competitive” – hinting that she wants to look again at Mr Sunak’s plans to hike the rate in April 2023, but did not go so far as to match some of her fellow contenders’ pledges to scrap the rise entirely.
The Foreign Secretary said she would “get the private sector growing faster than the public sector, with a long-term plan to bring down the size of the state and the tax burden”.
She said in her article: “Under my leadership, I would start cutting taxes from day one to take immediate action to help people deal with the cost of living.
“I would reverse the national insurance increase that came in during April, make sure we keep corporation tax competitive so we can attract business and investment into Britain, and put the Covid debt on a longer-term footing.”
Ms Truss said her plan would get the country back on track towards becoming a “high-growth and high-productivity powerhouse”.
“It is built on a clear and longstanding Conservative philosophy, including bold supply-side reform,” she added.
The Foreign Secretary said she had “led the way” in making the most of Britain’s “new-found freedoms” outside the EU, but insisted “we can go further, whether it is doing more to champion innovation or charting our own course on regulation”.
She said she would bring “clear and decisive leadership” to Downing Street, adding: “Colleagues know I mean what I say and only make promises I can keep. I can be trusted to deliver.”
Ms Truss said the Tories can win the next election, but acknowledged it will be “an uphill battle”.
Earlier, announcing her bid for the top job, Ms Mordaunt said the UK’s leadership “needs to become a little less about the leader and a lot more about the ship”.
Candidates populated the Sunday morning broadcast round, with Mr Hunt, Mr Javid, Mr Shapps and Mr Tugendhat all making appearances to promote their campaigns.
As the race for leader heats up, more Tories have declared their allegiances.
Former Cabinet minister Michael Gove – who was dramatically sacked by Mr Johnson earlier this week – pledged his support for Ms Badenoch.
Andrea Leadsom, who has contended for the Tory leadership in the past, endorsed Ms Mordaunt.
