The Conservative Leadership Race is hotting up as the eight MPs who have made it through to the next stage of the race to replace Boris Johnson have been revealed.

With our accountant hats on, we’re most interested in what the candidates are saying about finances and so here is our run-down of the policy pledges which have been made so far…

  • Rishi Sunak – warns his rivals against offering “comforting fairy tales” instead of hard truths.
  • Penny Mordaunt – main policy pledges not yet announced.
  • Tom Tugendhat – would reverse the national insurance rise.
  • Liz Truss – “bring down the size of the state and the tax burden”, vowing to cut taxes “from day one”.  This will include reducing corporation tax and reversing the National Insurance rise
  • Kemi Badenoch – will support lower taxes with tighter spending.
  • Nadhim Zahawi – the current tax burden is “too high” and so wants to cut taxes.
  • Jeremy Hunt – has promised to lower corporation tax but hinted at no changes to income tax.
  • Suella Braverman – no news yet on her tax plan.

Voting by Conservative MPs to whittle down the first round candidates will take place on Wednesday 13th July, with candidates needing 30 backers to get through to the second round.

Those candidates will face successive rounds of voting from Thursday until there are only two left.

We’ll be following news from the House of Commons with interest over the next few weeks.

The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.

Lambert Chapman Chartered Accountants

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