Race is on: Tory hopefuls launch bid to be PM as Sunak warns against 'fairytale' tax cuts

8 July 2022, 23:21 | Updated: 9 July 2022, 09:03

Rishi Sunak has warned people against expecting big tax cuts immediately as he launches his bid to become the UK's next Prime Minister.

The former chancellor is one of four Tories to formally announce plans to run for Prime Minister, alongside former equalities minister Kemi Badenoch, chairman of the foreign affairs committee Tom Tugendhat, and Attorney general Suella Braverman.

More leadership bids are expected to be revealed this weekend, with defence secretary Ben Wallace and foreign secretary Liz Truss expected to put their names forward.

Mr Sunak warned Tories not to be bought by "fairytale" promises of cutting taxes whilst maintaining high spending, as he put fiscal responsibility at the forefront of his campaign.

It is thought Mr Sunak believes the tax burden can only be reduced once the UK's public finances have improved.

Read more: Fury as Tory MP who 'gave protesters the middle finger' outside No10 is made minister

Read more: Rishi launches Tory leadership bid with swipe at Boris and pledge to rebuild economy

Mr Sunak officially launched his leadership campaign on Friday, three days after resigning as chancellor under outgoing Prime Minister Boris Johnson.

In it he made a thinly-veiled dig at Mr Johnson, saying: "Someone has to grip this moment and make the right decisions."

The Richmond (Yorks) MP, whose campaign has already got the backing of MPs such as Oliver Dowden, Liam Fox and Mark Harper, promised he would "restore trust, rebuild the economy and reunite the country" if he was the next Prime Minister.

He also said his values of "patriotism, fairness, hard work" were "non-negotiable".

Sunak may have been preparing challenge since 2021

The Tories are reportedly eyeing up a September deadline for the selection of a new Prime Minister amid fears the government is 'paralysed' by the current situation.

Mr Johnson has said he will remain in his post until a successor is elected, but also pledged not to make any major policy changes.

Read more: Elon Musk terminates $44b Twitter deal over 'lack of data about bot accounts'

Read more: 'Those who make the law can't break the law': Starmer cleared in Beergate probe

It has led to fears the government will be in a 'state of paralysis' over the coming months.

The Telegraph reports the 1922 Committee executive are drawing up plans to 'whittle down' the number of Tory candidates, therefore speeding up the process of selection with the aim of having a new Prime Minister in office by September 5.

So far four MPs have announced their intention to stand as next Prime Minister.

Tom Tugendhat, chairman of the foreign affairs committee, declared he would enter in January and then repeated his position in the Telegraph on Friday.

He said he was putting together a "broad coalition" offering a "clean start".

Attorney general Suella Braverman has also said she would run, announcing her plans on ITV on Wednesday - before Mr Johnson stepped down.

And on Friday, hours after Mr Sunak launched his campaign, former equalities minister Kemi Badenoch announced her leadership bid in The Times.

She told the newspaper she would lower taxes alongside "tight spending" and that she wanted to run a "limited Government focused on the essentials".

Andrew Pierce questions if booting Boris out was right move

Former minister Steve Baker, who is backing Attorney General Suella Braverman for Tory leader, claimed Sunak is in an "unfortunate bind" as he has got to "double down" on his own economic policy to date.

The MP for Wycombe told the BBC: "The problem that we've got with Rishi is that he's in a bind that he's got to double down on the policy that he has had.

"I believe that taxes in this country are too high at their current levels, so high that they'll be doing more harm than good at these levels.

"Now, unfortunately, because Rishi's record is of saying he wants low taxes, but then putting them up, he's now got to double down on that record during this campaign. And that leaves him in a very unfortunate bind."

Mr Baker said he had been "close" with Mr Sunak, and regretted he was not able to be "more optimistic and positive" about his economic record.

Meanwhile, Tory MP Rehman Chishti has confirmed he is "actively considering" running for PM.

The newly-appointed Foreign Office minister retweeted quotes attributed to him by the BBC, stating: "We need leaders who best reflect modern Britain and can provide solutions to the challenges our nation is facing now."

Boris Johnson in the meantime has attempted to plug the gaps left by a flood of resignations on Tuesday, Wednesday and Thursday.

He caused fury on Friday night when he made Andrea Jenkyns an education minister - after video footage appeared to show her making a rude gesture to protesters outside Downing Street on Thursday.

Also on Mr Johnson's new list of appointees is Peter Bone, who has been made deputy leader of the House of Commons.

But he has received criticism after speaking out against gay marriage and, more recently, in favour of the anti-abortion movement in the US.