Tory leadership: Liz Truss and Rishi Sunak in last round
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Tax & spending
- Says she will reverse the recent rise in National Insurance, which came into effect in April
- Pledges to scrap a planned rise in corporation tax – set to increase from 19% to 25% in 2023
- Would suspend what is known as the “green levy” – part of your energy bill that pays for social and green projects
- Says she will pay for the cuts by spreading the UK’s “Covid debt” over a longer period
- Promises to change taxes to make it easier for people to stay at home to care for children or elderly relatives
- Wants to create new “low-tax and low-regulation zones” across the country to create hubs for innovation and enterprise
- Says she won’t cut public spending unless there is a way to do so that won’t lead to future problems
- Would bring target of spending 2.5% of GDP on defence forward to 2026 and introduce a new target of 3% by 2030
Read more about Liz Truss
- Promises to reduce taxes “once we’ve gripped inflation” – saying it is a matter of when not if
- Pledges to cut income tax before the end of the next Parliament
- Hasn’t set out details of any other tax cuts, but says he wants “radical reforms” to the way businesses are taxed
- Says public sector pay deals should be decided by independent pay review bodies
- As chancellor raised National Insurance by 1.25p in the pound to pay for health and social care but also raised the earnings level at which it starts to be paid to £12,570
- Also announced plan to increase corporation tax from 19% to 25% in April 2023
- Promises to maintain defence spending and says we should view current minimum level of spending 2% of GDP “as a floor, not a ceiling”
Read more about Rishi Sunak
Cost of living
- Says she will tackle the crisis by putting money back into people’s pockets, such as by reversing the National Insurance rise
- Would suspend what is known as the “green levy” – part of your energy bill that pays for social and green projects
- Promises to change taxes to make it easier for people to stay at home to care for children or elderly relatives
- Says the Bank of England needs to do more to tackle inflation, arguing “we haven’t been tough enough on the monetary supply” during a leadership debate
Read more about Liz Truss
- Says getting control of inflation – the rate at which prices are rising – is the most pressing issue
- Promises to focus on employment by making sure people have the skills they need for better paid jobs
- Says the long-term solution to heating bills is improving insulation in people’s homes and getting people the support to pay for that
- Wants to improve communication on the support the public is receiving on energy
- As chancellor announced an “Energy Profits Levy” – a windfall tax for energy firms – to pay for support
- This included a £650 payment to households on benefits, a £300 payment for pensioners who can get winter fuel allowance, and a £150 Disability Cost of Living payment
- All households were also given a £400 grant for energy bills in addition to £150 council tax rebate previously announced
Read more about Rishi Sunak
Climate
- Says she will honour the goal of reaching net zero by 2050 and spoke of “accelerating our transition to net zero” at the COP26 climate summit
- Would suspend what is known as the “green levy” – part of your energy bill that pays for social and green projects
- Would review the ban on fracking
- Says the UK needs to build more nuclear power stations and small modular nuclear reactors
- Wants to protect wildlife and biodiversity better and would launch a new UK survey of wildlife to understand which species are endangered
- As environment secretary, she cut subsidies for solar farms calling them “a blight on the landscape”
Read more about Liz Truss
- Says he will honour the goal of reaching net zero by 2050
- Says net zero targets need to be met through green energy and by increasing economic growth
- Says politicians need to make sure they bring people with them, rather than going too hard or too fast on reducing emissions
- Would reverse plans to scrap the ban on building new onshore windfarms but start to expand the offshore wind programme
- Would introduce a legal target to make the UK energy self sufficient by 2045 – and try to beat it
- While he was in the Treasury, he was accused of blocking green policies that had spending implications
- Before COP26 climate summit, he promised to make the UK the “first ever net zero aligned global financial centre”
Read more about Rishi Sunak
Brexit
- Argues she can be trusted with Brexit despite voting Remain in the 2016 referendum
- Responsible for introducing the Northern Ireland Protocol Bill, which could override parts of the post-Brexit deal between the UK and the EU
Read more about Liz Truss
- Campaigned to leave the EU in the referendum
- Has criticised the way the NI Protocol – part of the UK’s post-Brexit deal with the EU – is operating as posing enormous challenges to “the stability of the situation in the nation”
- Committed to reforming all EU laws and bureaucracy that are still in place, by the time of the next general election
- Would scrap regulations on financial services that he says have been inherited from the EU to trigger growth in the sector similar to that seen in the 1980s
- Would replace existing data protection rules (GDPR) to help UK technology firms innovate and public services share data to prevent crime
Read more about Rishi Sunak
Health & social care
- Says GP services need to be more accessible in order to reduce the pressures on hospital services
Read more about Liz Truss
- Would speed up the approval process for clinical trials by creating a single approval service for UK trials
- Says he believes in the NHS and that he took a difficult political decision to come up with a new way to fund the service – ie National Insurance increase
Read more about Rishi Sunak
Education
- Pledges to give every child “the best opportunity to succeed” wherever they are from and whatever their background
Read more about Liz Truss
- Backs the continuation of existing grammar schools but has not said whether he would allow new ones
Read more about Rishi Sunak
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