Rishi Sunak tries to revitalize campaign with vow to cut income tax by end of decade

Conservative leadership candidate Rishi Sunak swore to cut the base income tax rate from 20p to 16p in the pound by the end of the decade, in the latest attempt to revitalize his campaign for No 10.

Venerating of the 'biggest income tax cut since Margaret Thatcher's government', the former chancellor said the £18billion pledge would be handed over by the end of the next parliament if he wins the contest.

But it was immediately seized upon as "another U-turn" by a source in her rival Liz Truss' campaign team, who criticized the policy, saying it was "jam tomorrow". They added: "People need tax cuts in seven weeks, not seven years."

This comes as more than 160,000 Tory members are set to start receiving their ballots for vote for Boris Johnson's successor, with the Foreign Secretary widely seen as the favorite after securing major endorsements.

Over the weekend, however, Mr Sunak's allies have insisted the contest was still 'all to play for', while Ms Truss, who leads in polls of party members, played down claims she has a clear lead in what she called it a "very, very close race".

Taxation was a bitter dividing line between the candidates, with Ms Truss promising to make cuts from "day one". She has already pledged more than £30billion of measures, including reversing April's National Insurance hike, temporarily suspending the green levy on energy bills and scrapping a hike corporation tax.

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Last week, Mr Sunak strongly criticized his proposals, warning in televised debates that the foreign secretary risked inflicting 'economic misery' on millions and fueling inflation. ion - a claim she dismissed as "alarmists" and "Project Fear".

On Sunday, in a thinly veiled swipe at his rival, Mr Sunak urged members to "treat with caution any vision that doesn't involve hard compromises, and remember that if something sounds too good to be true, then it probably is."

Mr. Sunak instead set out a long-term commitment to cut the basic income tax rate from 20p to 16p in the pound by the start of the next legislature. He is building on his promise as Chancellor to cut the rate to 19p by April 2024 - a move which is estimated to cost the Treasury around £5billion.

The Parliament's next parliament will start after the country's next general election, potentially giving Mr Sunak until December 2029 to deliver on his promise to cut income tax to 16p in the pound -...