Summary
Here’s the key developments as the Conservative party leadership election goes into its fourth day.
- Liz Truss has launched her leadership bid, saying she will cut taxes “from day one”. In a column for the Telegraph, she said she will cut corporation tax, reverse the National Insurance rise and overhaul business rates.
- Declarations of support have continued to come trickling in, including a notable one for Kemi Badenoch from Michael Gove, who has written a column for the Sun. He called her “brave, principled, brilliant and kind”.
- Another significant endorsement comes from Jake Berry, chairman of the Northern Research Group, who says he will be backing Tom Tugendhat for the Tory leadership. Berry says Tugendhat understands concerns of “red wall” MPs, in a column for the Daily Express.
- Another leadership bid has been launched, this time by Kent MP Rehman Chishti, who is the biggest outsider in the current field of 11 candidates.
- Paralympic athlete Jonnie Peacock is among several public figures who asked to be removed from the promotional video released by Conservative MP Penny Mordaunt as she launched her party leadership bid.
- Chancellor and leadership candidate Nadhim Zahawi has published a statement in response to a story about his tax affairs published by our sister paper the Observer, calling allegations “inaccurate and smears”.
- The Conservative party’s parliamentary body the 1922 Committee will meet tomorrow to draw up the rules for the leadership contest. It’s believed they will set a threshold for the number of nominations to get through to the next round, with varying reports of differing benchmarks. The Financial Times reports one being discussed is 36 MPs, 10% of the parliamentary party. Another has told Payne it could be 20 MPs. The Guardian has been told it could be 25.
- Sky News is the first channel to announce it will host a leadership debate between Conservative party leadership candidates on 18 July.
- Lord Zac Goldsmith and MP Chris Skidmore have written for the Telegraph (paywall) imploring candidates not to drop green commitments.
A reminder of the timetable for the election. Formal nominations will open on Tuesday, with the first round of voting taking place on Wednesday.
A shortlist of two should be finalised before parliament goes into its summer recess on 21 July.
The new prime minister will then be elected before 5 September.
Thanks for following along this evening.
More details about candidates’ policy platforms are coming to light, with tax unsurprisingly taking centre stage. The Sun has published some of the early information this evening.
Sajid Javid has said he will cut fuel duty by 10p within days of becoming prime minister. It would cost roughly £2.5bn.
The tax forms part of the price drivers pay at the pump, along with VAT. In one calculation from March, it made up 35% of the cost of petrol.
He would also cut income tax by 1p, stop the national insurance increase and cut corporation tax to 15%.
On fuel, Penny Mordaunt has said she would cut VAT from 20% to 10%, something which has the support of the founder of lobby group FairFuelUK, Howard Cox.
She too is expected to halt the national insurance rise, according to the Sun, and cut corporation tax.
Meanwhile Liz Truss looked to emphasise her tax-cutting priority when she launched her leadership bid earlier (see 21:54), and has received the support of the business secretary, Kwasi Kwarteng.
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