Chancellor vows to slash spending if he gets top job as rival Liz Truss says she would cut taxes ‘from day one’
Nadhim Zahawi has said he would force every government department to cut running costs by 20% to fund tax cuts, as Liz Truss joined the fray to become the next Conservative party leader, promising she would reduce taxes “from day one” in the job.
Asked whether he wanted to reach that goal in every department, he said: “Well, that’s what I want to make sure we get to; that will give me the headroom to be able to deliver tax cuts which I want to deliver.” Much of the debate so far has centred around increasingly ambitious pledges to cut taxes, dismissed by the Labour leader, Keir Starmer, as an “arms race of fantasy economics”.article, Truss, the foreign secretary, wrote: “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’m not going to specify cuts at the moment because we’ve got a leadership contest,” he said. “I’m sure that detail will be forthcoming as the leadership contest progresses.” Asked about 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.”
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