Tory leadership: Liz Truss and Rishi Sunak in last round

Tory leadership: Liz Truss and Rishi Sunak in last round


Tax & spending

Profile image of Liz Trus

Liz Truss

Foreign Secretary

  • 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

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Rishi Sunak

Former Chancellor of the Exchequer

  • 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

Profile image of Liz Trus

Liz Truss

Foreign Secretary

  • 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

Profile image of Rishi Sunak

Rishi Sunak

Former Chancellor of the Exchequer

  • 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

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Climate

Profile image of Liz Trus

Liz Truss

Foreign Secretary

  • 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

Profile image of Rishi Sunak

Rishi Sunak

Former Chancellor of the Exchequer

  • 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

Profile image of Liz Trus

Liz Truss

Foreign Secretary

  • 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

Profile image of Rishi Sunak

Rishi Sunak

Former Chancellor of the Exchequer

  • 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

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Health & social care

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Liz Truss

Foreign Secretary

  • Says GP services need to be more accessible in order to reduce the pressures on hospital services

Read more about Liz Truss

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Rishi Sunak

Former Chancellor of the Exchequer

  • 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

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Education

Profile image of Liz Trus

Liz Truss

Foreign Secretary

  • Pledges to give every child “the best opportunity to succeed” wherever they are from and whatever their background

Read more about Liz Truss

Profile image of Rishi Sunak

Rishi Sunak

Former Chancellor of the Exchequer

  • 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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