Rishi Sunak would run the economy 'like Margaret Thatcher' and 'responsibly cut taxes'

Rishi Sunak, seen as a leading candidate to replace Boris Johnson, has said he will lead the economy like Margaret Thatcher.

The former chancellor, who has clashed with other candidates for refusing to promise immediate tax cuts, said his economic view amounted to "common sense thatcherism".

Mr. Sunak joined seven other candidates on the ballot on Tuesday evening as Tory MPs begin voting on Wednesday to elect a successor to the Prime Minister.

Rishi Sunak wants a return to "common sense thatcherism"

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In his first campaign interview, he told The Telegraph: "You have to earn what you spend."

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It has ins insisted he would take a more responsible approach to tax cuts.

"We are going to cut taxes and we will do it responsibly. This is my economic approach. I would describe it as common sense Thatcherism. I believe that's what she would have done."

In the interview, Mr. Sunak also makes the connection between Mrs. Thatcher's economic thinking and his own upbringing.

< p>"If you read her speeches - and I've quoted her and [former Tory Chancellor] Nigel Lawson in other lectures I've given - her approach to these things was to make sure that as as a nation, you must earn what you spend.

Mr. Sunak speaking at her campaign launch (Stefan Rousseau/PA)

(PA Wire)

"She talked about the person at home with her family budget," he said. he continued. "She spoke about it very powerfully. It resonated with me, because that's how I was raised.

"My mother was a small businesswoman, she was a chemist. I worked in my mother's little pharmacy in Southampton. I was doing my mother's books, it was part of my job. I also did payroll and accounts weekly and monthly."

The newspaper also reports that Mr. Sunak has indicated that he will not lift the ban on new high schools or the ban of hunting.

According to The Telegraph, Mr Sunak also refused to support an increase in defense spending.

Earlier, Mr Sunak said he was not ready to 'demonise' Boris Johnson and insisted the Prime Minister's controversial former aide Dominic Cummings had 'absolutely nothing' to do with his leadership campaign.

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