Rishi Sunak will launch his bid to become prime minister with a pledge to cut taxes only after inflation has been brought back under control – as rivals hit out at his reluctance to help struggling households.
As nominations open to replace Boris Johnson, the former chancellor will insist he has a plan to deal with the economic “headwinds” the country is facing, saying it is a matter of “when” and not “if” the tax burden starts to fall.
