Former finance minister Sunak vows to tackle inflation to become UK Prime Minister According to Reuters

© Reuters. FILE PHOTO: Britain’s Prime Minister Rishi Sunak attends a cabinet meeting at 10 Downing Street in London, Britain May 24, 2022. Daniel Leal / Pool via REUTERS / File Photo

LONDON (Reuters) – Former finance minister Rishi Sunak will set off to become Britain’s next prime minister on Tuesday, vowing to tackle soaring inflation before joining his Conservative Party rivals in promising to cut tax reduction.

Sunak resigned as finance minister last week, in the wake of the fall of Boris Johnson, who a few days later said he would step down amid a widespread revolt among Conservative lawmakers.

“We need to go back to traditional Conservative economic values ​​- and that means honesty and accountability, not fairy tales,” Sunak is expected to say at launch. His campaign campaign was, according to his team, an attack on opponents who had promised immediate cuts in business or personal taxes.

Sunak, who oversaw the country’s response to the COVID-19 pandemic and provided some 400 billion pounds ($481 billion) in economic support, is one of the candidates to replace Johnson and has support. largest of the Conservative lawmakers who have publicly declared the preference.

According to his team, Sunak will promise tax cuts when inflation hits a 40-year high of 9.1% in May, under control.

“I had to make some of the toughest choices of my life when I was Prime Minister, especially how to deal with our debt and post-COVID loan,” Sunak will say.

“My message to the party and country is simple: I have a plan to steer our country through these difficulties. Once we have inflation under control, I will reduce the tax burden. The problem is ‘when’, not ‘if’.”

While Sunak’s popularity with the public has grown during the pandemic, it has been hit by some Conservative lawmakers after he raised payroll taxes in April to fund spending. higher health and social care benefits, and announced plans to sharply increase corporate taxes by 2023.

His position was also affected after it was revealed that his wife, daughter India, one of the founders of IT giant Infosys (NYSE:), had not paid UK tax on her foreign income. out of her using the “non-resident” status. Foreign nationals do not consider Britain their permanent home.

Then she said she would start paying UK taxes on her global earnings.

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